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Calling India as one of the fastest growing economies in the world, Finance Minister Arun Jaitley on Friday the economy has witnessed significant improvement in the macroeconomic stability in terms of low levels of inflation, fiscal deficit and current account deficit.
“The macroeconomic outcome in India in the current juncture is one of consolidation of the economic recovery evidenced in recent years…The growth compares favourably with the growth of 3.4 per cent achieved by the global economy and 4.6 per cent by the emerging markets and developing economies as a block in the year 2014,” he informed the third meeting of the Consultative Committee of the Finance Ministry.
The economy clocked a growth of 7.3 per cent in 2014-15 as against 6.9 per cent growth achieved in 2013-14 and 5.1 per cent in 2012-13. “India is firmly on the path of revival,” Jaitley stressed, adding that the government is also committed to fiscal consolidation.
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