India has been growing by 7-7.5 percent, and for the country to accelerate, all sectors have to contribute, he said at the MGNREGA Sammelan-2016 here.

Meanwhile, Reserve Bank Governor Raghuram Rajan, who had last week warned against accelerating economic growth by borrowing more to raise public spending, today kept projection for GDP growth unchanged at 7.4 percent for the current fiscal. This is a tad higher than 7.3 percent economic expansion projected by the World Bank.

"If you look at the global situation there is slow growth. The economies, which were earlier compared with India like, South Africa, Brazil, Russia are all growing slow. In a way there is a negative growth rate, but economies are recovering," Jaitley said at the summit.

China, which was the fastest growing major economy for the last three decades was expected to still grow by at least 10 per cent. But there is a slowdown in China that has had an impact on the global economy, he said.

According to him, the US economy is also not showing signs of full recovery.

Private sector, he said, is not contributing much, adding that "monsoon also has not supported growth in last two years and that's why there is an impact of this on farm sector."

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