One of the largest economy country of Asia is expecting to exceed its growth 7.3 percent in this year. Indian government will try to convince the opponent parties to pass a blocked tax reform said by Finance Minister Arun Jaitley on Monday.
Jaitley told investors at an Arab-Indian Economical Forum held in Dubai that The Indian economy is hoping to grow better than 7.3 percent that the level gained in last fiscal year and even at a higher level next year.
Jaitley insists that economical growth will come despite of shortage in rural demand due to less rainfall in the last two years. The prices of pulses and vegetables are high caused by drought this time.
The latest government data shows India’s retail inflation surged to a four-month high in the last month October and on the other hand industrial production raised at a slower than expected pace in September. In a view to increase growth Indian government has eased foreign direct investment norms in some major sectors of 15 total like mining, civil aviation and defence.
As prime minister Narendra Modi’s political party BJP lost a key state election recently caused worried among the foreign investors that the governmental reform agenda may could face renewal action.
In such an unsure situation, Jaitley said he would persuade opponent parties to pass resolution of business friendly goods and services tax that have possibility to add up 2% points to gross domestic product but still it is blocked in parliament.