New Delhi: Finance minister Arun Jaitley said he was more confident now of achieving a target to narrow fiscal deficit to 4.1% of gross domestic product (GDP) in the year to March 2015 as the ‘GDP figures showed that the economy is on the recovery path.’
Jaitley addressed the media on the Modi government’s 100 days in power, a day after figures showed that India’s GDP grew at the fastest pace in over 2 years.
“Containing inflation, restarting growth and investment cycles and keeping fiscal deficit at acceptable level priorities for the government,” Jaitley said.
“Challenges the country faced when BJP took over were slowdown in decision making and loss of investor confidence… Election results were a mood-changer.”
Read: India’s GDP rises up at 5.7 per-cent, hits two and a half year high
“There is no space for retrospective tax legislation,” the Finance Minister said.
“The government is taking steps to improve ease of doing business, opening up significant sectors, expedite decision-making while maintaining social sector expenditure in most areas,” he said.
On inflation, he added, “Food inflation is a concern; normally at a time when prices of some fruit and vegetable are steep.”
