The Prime Minister’s comment comes ahead of the GDP data for the second quarter of FY16 expected this week. India’s economy grew by 7.3 per cent in FY15 and by 7 per cent in Q1FY16.
Reforms like land acquisition bill and GST have been stuck due to political logjam in Parliament.
Rajan said he hopes India will emulate China's growth rates and the country would like to learn from things China got right.
Inflation based on Wholesale Price Index has been in the negative zone since November last year. It was (-)4.54 per cent in September. In October last year, it was 1.66 per cent.
Arun Jaitley was speaking at the World Economic Forum in New Delhi
The World Bank, however, lowered India’s GDP growth to 7.8 per cent in 2016-17 and to 7.9 per cent in 2017-18.
China is ranked 84 and Pakistan is at 138th place. Pakistan in fact has slipped 10 spots from 128 last year while China has moved six spots in a year from 90 since the last report.
Retail inflation in pulses and products category has risen after prices of lentils reached as high as Rs 210/kg, while that of spices have witnessed rose 9.2 per cent, it said.
‘The RBI a very credible institution, nothing will be done in MPC that undermines the role of the RBI’.
Tokyo's push in India comes just weeks after it lost out to China on the contract to build Indonesia's first fast-train link.
He also called for more coordination between leading central banks, saying there is a need for more optimal use of the monetary policy tools globally as the world is increasingly staring at deflation.
The index grew at 8.4 per cent in October, 2012. After that, it has touched the highest level of 6.4 per cent in August.
While the price rise in the food and beverages category almost doubled from a month earlier to 4.29 per cent in September, inflation in cereals and products was also higher at 1.38 per cent.
According to the report, in India, inflation is expected to decline further in 2015, reflecting the fall in global oil and agricultural commodity prices.
Arun Jaitley said the revolution of raising expectations in India is a good sign.
The Finance Ministry on Tuesday forwarded a report published in Financial Times, London, that said "India grabs investment league pole position."
RBI in its fourth bi-monthly monetary policy for the current fiscal reduced the lending rate by 0.5 per cent with a view to boosting growth.
Jaitley said monetary policy plays an important role in stimulating growth and is hopeful that RBI will act with a sense of responsibility on this front.
Deputy governor of Reserve Bank of India, Urjit Patel said a prime reason for the relatively high cost of capital in India was the cost of restructuring bad loans.
Jaitley did not elaborate on the disputes or the resolutions being worked out.
Jaitley said the government has tried to resolve the legacy issue by governmental decisions, legislation or even by accepting judicial mandate.
The annual rate of inflation stood at 3.85 percent in the corresponding month of the previous year, according to data released by the commerce and industry ministry.
Experts say it is likely to fall further in the current year but pick up next year
Moody's Investors Service on Tuesday said Indian economy would grow at 7 per cent in the current fiscal on the back of slow recovery in industrial output and investment.
"Recent episodes of market volatility and currency movements again pose a lingering question on the need for global safety nets for addressing market concerns," said Jaitley.
While this is much higher than the 6.7 per cent growth clocked in the first quarter of 2014-15, it is muted compared to the 7.5 per cent growth in the January to March quarter of last fiscal.
Somers said it becomes very clear to any observer that in the next several months India's long-awaited GST boll is likely to get cleared, paving way for a more streamlined tax regime.
Indebted developers are cutting staff as they slow work on existing projects and postpone new buildings until they clear a backlog of 700,000 unsold homes.
With India being the net importer of these commodities, there will be positive impact of the development on the economy.
"The fragility of the world economy today is precisely because it has focused on quick-fixes rather than deep reforms, " RBI chief Raghuram Rajan said.
Just a day before that, the ministry also cleared an application by Shandong Tiejun Electric Power Engineering Company Ltd to set up a project office in India.
Kingfisher Airlines, which now owns Deccan Aviation, and Jet Airways India have been ordered to deposit Rs 5 lakh and Rs 25 lakh, respectively.
Holcim and Lafarge had announced a $44 billion dollar alliance to create the largest cement company in April.
Economy stabilised, ‘significant improvement’ can be expected during the current fiscal, says Centre
Retail inflation has halved over the 19 months from double digit levels, giving the RBI scope to ease policy rates to help boost growth.
The rupee's slide comes after China's move to devalue the yuan. It has also sparked fears of a global currency war.