Finance minister Arun Jaitley on Tuesday said that the economy is showing an “upward trend” and the government is working on addressing concerns of investors to “make best use of this opportunity”.
Speaking at a central board of excise and customs (CBEC) function, Jaitley said that there is huge curiosity and interest in India among both domestic and foreign investors with, “ordinarily everything going in our favour including growth prospects”.
“From depressing slowdown in last two three years, suddenly our growth rates are likely to look up. On the other hand, competing economies globally have not been so good. Brazil faces a challenge, South Africa faces challenge. Europe is still struggling to come out of slowdown. China which has maintained a growth rate of over 9 per cent for over 3 decades is looking at new normal,” he said adding that Indian currency was among the two global currencies which withstood the might of dollar in recent times.
However, to make the best of the opportunity available, the finance minister said, the government is working on addressing two major concerns — quick decision making and stability in policy matters and reforms in tax structure and administration. With just a month to go for presenting his first full budget 2015-16, Jaitley exuded confidence that the government will meet the fiscal deficit, pegged at 4.1 per cent of GDP in current year, amid improving revenue collections, which had been adversely impacted due to low manufacturing in the last 2-3 years.