Jaitley said he was more confident of achieving a target to narrow fiscal deficit to 4.1 percent of gross domestic product in the year to March 2015.

Many private economists consider the deficit target optimistic, citing weak tax receipts in a sluggish economy and high federal expenditure commitments.  

While commenting on the issue of price rises, Jaitley said there is by and large moderation of inflation, but added that the food inflation is a genuine concern for the government.



“Containing inflation, restarting growth and investment cycles and keeping fiscal deficit at acceptable level priorities for govt,” Jaitley said in the national capital during a press conference.

“There is by and large moderation of inflation; manufacturing curve has turned. Food inflation a concern; normally a time when prices of some fruit and vegetable are steep,” he added.
 
Slamming the previous UPA government for slowdown in important decision making, Jaitley said when he took over as the Finance Minister of the country the investor confidence was really low, adding that election result was a mood-changer for the economy as the Modi government is clear about its vision.

Jaitley added that the Prime Minister Office (PMO) and the PM himself have been very supportive of his decisions as the Finance Minister of the country.

“Challenges the country faced when BJP took over were slowdown in decision making and loss of investor confidence,” Jaitley said.

“I think the election result was a mood-changer. New govt was clear about direction it wanted to move in,” he added.

“PMO and PM were fully supportive of most of the steps taken by Finance Ministry,” he further said.

Highlights
Containing inflation, restarting growth cycles priorities for govt, says Jaitley
Confident of achieving a target to narrow fiscal deficit to 4.1 percent of GDP
Investor confidence really low when NDA government took charge at Centre
Food inflation is a concern for government
Jaitley reveals Indian economy has achieved encouraging growth rate of 5.7 percent in 1st quarter
Taking steps to improve ease of doing business, opening up significant sectors while accelerating decision-making mechanism
Jaitley claims PMO fully supportive of most of the steps taken by Finance Ministry

Stressing on the government’s focus on shoring up the economy and helping citizens of the country financially in every possible manner, Jaitley said that the ruling dispensation was taking steps to improve ease of doing business, opening up significant sectors while accelerating decision-making mechanism and also upholding social sector expenditure in most areas.

“Government is taking steps to improve ease of doing businesses, opening up significant sectors, expedite decision-making while maintaining social sector expenditure in most areas,” Jaitley said.


While stressing that the effects of government decisions would be felt on a slow pace, Jaitley revealed that the Indian economy has achieved a growth rate of 5.7 percent, which is encouraging.

“In the 1st quarter of this year a 5.7% growth rate is encouraging, I am sure impact in coming quarters will be much larger,” Jaitley said.

Jaitley expressed hope that the economic growth of the country would pick up pace as the government would take more steps in the right directions.

“I am optimistic that as more decisions in this direction come we will be able to help the economy grow faster,” Jaitley said.

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