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7.5% growth not enough for India’s requirement: Jaitley

India’s current growth rate of 7.5 per cent is not enough as per its own requirement standard and the country has the “potential” to do “better”, Union Finance Minister Arun Jaitley has said.

Expressing concern over the decline in India’s exports, Jaitley said the country’s growth parameters were on track and the government is moving ahead on its reform agenda with inclusiveness and successfully meeting all its fiscal parameters.

“On 7.5 per cent by global standards or by world standards in the current situation are we doing well? The answer is Yes.

But by our own requirement standards are we doing well enough? I think, we can do better,” Jaitley said yesterday at the Carnegie Endowment for International Peace, a global American think-tank.

“The fact that in this otherwise a globally adverse environment by putting some domestic policies in place, by using investments and surpluses cleverly we have managed to sustain some growth. One of the biggest areas of worry has been the declining exports,” he said.

Noting that both in value terms and volume terms, the global situation has impacted export, Jaitley, who is on a week-long visit to the US, said that things could improve if some of the variables change.

“On 7.5 per cent by global standards or by world standards in the current situation are we doing well? The answer is Yes.

But by our own requirement standards are we doing well enough? I think, we can do better,” Jaitley said.

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