WEF 2015: India's growth potential above 9%; government moving rapidly on reforms, says FM Arun Jaitley

NEW DELHI: Stating that India's economic growth will be 'significantly better' next year, Finance Minister Arun Jaitley on Thursday said, "India's real economic growth potential is over 9%."

Speaking on the sidelines of the World Economic Forum at Davos, Jaitley said, "We have a roadmap to bring down fiscal deficit below 3% in few years. Elimination of subsidies in India is not desirable. We need to rationalise the subsidies."

"The government has a mandate to act fast; we are moving rapidly on reforms." Emphasising that steps are being taken to tackle corruption, Finance Minister Arun Jaitley today said the word 'corruption' has not even been whispered since the new government came to power.

Jaitley said corruption not only increases the cost of doing business but also hits the country's credibility.

Admitting that inflation management was made easier by lower crude oil prices, Jaitley added, "We have maintained inflation at an acceptable level. Declining oil prices also help bring down inflation." "Declining oil prices help in cutting down subsidies, CAD," he added.

Talking about the upcoming Parliament session, Jaitley said, "Hope to get GST Bill passed in next Parliament session. Government will call a Joint Session of Parliament if Insurance Bill is not approved or delayed beyond six months," he added.

Jaitley assured the government will keep up the pace on reforms but said he doesn't want to build expectations in the run up to the Budget.

"I am not building up the expectations but yes we are going to keep up the pace. I have already said that Budget is just one day and there are 364 other days in a year," Jaitley said.

When asked about the upcoming Union Budget to be presented on a Saturday (February 28), he said it was just a coincidence.

"I am just following the tradition of Budget happening on the last day of February," he said.