India's growth curve to accelerate further, says Finance Minister

Highlighting India as the world's fastest growing major economy despite an unsupportive global environment, Finance Minister Arun Jaitley said on Wednesday that good monsoon, GST passage and higher spending will accelerate the upward curve in the coming years.

"When globally the going is good most countries do well. It is when the world is slowing down and world environment is not only unsupportive but at times obstructive, for an economy to grow is most challenging," he said.

Pro-growth policies have helped GDP grow at faster-than- expected 7.9 per cent in the January-March quarter, and 7.6 per cent for the entire 2015-16 fiscal, Jaitley said, asserting that these are not "stray figures" and an analysis of the pattern shows inherent strength in the Indian economy.

"To grow at this rate in the midst of an unsupportive global environment is itself significant," Jaitley said addressing a conference here before heading for Osaka.

Stating that global unpredictability impacts India, he said the shrinkage of global trade as well as fluctuations in currencies has adversely effected the economy.

Besides, drought for two consecutive years in parts of the country also impacted the growth prospects.

(THE TIMES OF INDIA)