The statement assumes significance as it comes just a week before the presentation of Budget 2016-17 by Finance Minister Arun Jaitley in the Lok Sabha.

It is expected that government will focus on growth by increasing public spending as private investment stays muted
due to an uncertain global environment.

"We live in a global village. Therefore, whatever happens in any part of the world affects us because India over the last several years is getting increasingly globalised," he said in the finance ministry's YouTube channel. However, he said, India remains a bright spot amid the global slowdown.

The Central Statistical Office (CSO) in its advance estimate of its national income for 2015-16 projected a growth rate of 7.6 percent, the highest in the last 5 years.

He further said the government is committed to not just maintaining growth, but improving it.

"Growth is important because growth leads to job creation, growth leads to more opportunities, more economic activities which lead to more development," he said.

India grew at 7.2 percent last fiscal.

Latest News  from Business News Desk