Besides, he expressed hope that GST will be implemented as both parties concerned broadly agree on the comprehensive indirect tax reforms.

"The scope of India to expand is quite considerable as long as our reform process moves in right direction. We have reason to expect that we will, as I have been arguing, in next 2-3 years begin to touch a double-digit growth. So, I see a very optimistic future," he said at the ET Global Business Summit.

Even today, he said, when the world market is not growing or growing slowly, India is a very large market with merchandise exports alone at about USD 18 trillion and services exports at USD 5 trillion.

Read more: Arun Jaitley hopes to achieve 8 percent GDP growth target in next fiscal

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