Fiscal discipline required to put economy on back on growth track: Arun Jaitley

SRINAGAR: Finance Minister Arun Jaitley on Sunday said fiscal disciplining is required to put the economy of the country back on tracks as India has witnessed two successive years of sub-five per cent growth. “At this time, you will require to take some decisions to make sure that the economy is put back on the track,” Jaitley, who is on a two-day visit to Kashmir for security review meetings as Defence Minister, told reporters here.

The Finance Minister said initial amount of fiscal disciplining will enable India and its people to enjoy fruits of sounder economy at a subsequent stage. “But any kind of fiscal indiscipline at this stage will put us in further doldrums,” he added.

Jaitely said the situation on the economic front was challenging. “We had two continuous years of less than 5% growth. You had higher level of inflation. Your tax buoyancy has come down,” he said. Asked to elaborate on the steps he intends to take, Jaitley replied: “You certainly don't want me to make budget announcement here.”