Optimistic over the improving economic condition, Finance Minister Arun Jaitley has stated that India has the potential to grow at 8-9 percent annual rate. Highlighting that good governance would remain a key for economic growth, Arun Jaitley stressed that if the government follows the best practices and displayed the highest standards of good governance, Indian economy can get back on to high growth path.
Finance Minister also highlighted the importance of audit and said that accountability and transparency are essential as it helps in good governance. After registering an average growth rate of 8% during FY08-FY12, Indian economic growth had slowed down to below 5% over the last two financial years. Factors like high interest rate, stubborn inflation, low investments and slow execution of infrastructure projects have impacted country’s economic growth.
However, Indian economy has shown signs of nascent recovery during the first quarter of current fiscal. India’s economy expanded at its fastest pace in more than two years by 5.7% during first quarter of current fiscal as compared to 4.7% growth recorded in same quarter last year.
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