States that among the emerging economies, India has been a major driver of global economic growth with an expected growth of 7.5 percent for 2017-18 against 7.1 percent in 2016-17; As per IMF projections, India’s medium term growth is poised to raise above 8%.
Speaking further on the occasion, the Finance Minister Shri Jaitley further said that India is on course to introduce the Goods and Services Tax (GST) from July 2017. He said that GST will eliminate the multiplicity of taxes and make India a single common market and as per IMF projections, India’s medium term growth is poised to raise above 8%. Recently, the Finance Minister said that the Government has successfully implemented one of the largest currency reform initiatives, which will move the Indian economy to a less cash trajectory, increase tax compliance and reduce the threats from counterfeit currency which acts as a source of terror funding. The Finance Minister Shri Jaitley concluded that these and many more multi-faceted reforms are expected to ensure that India can withstand the volatility of the global economy as well as ensure an upward growth trajectory.
The Finance Minister Shri Arun Jaitley is currently on an official tour to Washington D.C., USA to attend the Spring Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Dr. Urjit Patel, Governor RBI, Mr. Shaktikanta Das, Secretary, Department of Economic Affairs (DEA), M/o Finance, Dr. Arvind Subramanian, Chief Economic Adviser (CEA) and other officials.