16 April, Washington
Finance Minister Arun Jaitley has said that India has the potential to make nine to 10 per cent growth rate its new normal in the years to come. He was addressing a conference on US-India Commercial Partnership in the First Year of the Modi Government in Washington.
Jaitley said that high growth was essential to meet the challenges posed by the country’s burgeoning young population. He listed out the steps being taken by the new government like giving more financial powers to states, increased investment on infrastructure and emphasis on manufacturing.
On the Land law, the Finance Minister said that if it remains in the present shape, it will be a big hurdle to employment creation. He said, one of the areas where they are trying to ease the land acquisition process is the creation of industrial corridor. This, he said, is capable of providing employment to a vast number of people in rural areas.
Jaitley is in Washington to attend the annual spring meeting of the International Monetary Fund and the World Bank.
Later, at a dinner reception hosted in his honour at the Indian Embassy, Jaitley said that the Indo-US relationship is not merely government-to-government but is widely endorsed by the people and it is stronger than ever. Many senior Obama Administration officials and senior ministers attended the dinner reception.