Jaitley, who was speaking at a memorial lecture here, said, "Manufacturing has become flat but started picking up...if we have a better monsoon then rural demand will become higher which will have some impact on manufacturing, probably at the beginning of the year. We anticipate that a growth of 8 percent is possible to achieve this year."

The Finance Minister, who has been very critical of Opposition parties stalling the GST Bill, said, "Don't play games in Parliament. They eventually should realise that they are stalling the growth process of the country. What is the credibility of India? And therefore it is extremely important that these issues be resolved. India needs to speak largely in one voice."

On the global economic scenario, Jaitley said, "As we stand today in 2016, there is at least a much larger consensus as to what roadmap this country is to follow. There are a few significant changes. Compared to 1991, there is one unique change. The constituencies that support reform and change are even politically much larger than 1991."    

Jaitley further said there is a public opinion that reforms should not be stalled and need to be moved faster.

 Read more: GDP growth for 2014-15 marginally revised down to 7.2 percent

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