"The global situation is favourable to the country as more and more investors are showing curiosity and interest in India. Our major challenges will be to boost investment, especially in infrastructure sector, and give further boost to both manufacturing and agriculture sector, among others," he said at the meeting of the Parliamentary Consultative Committee here.
He said the overall economic situation in the country is looking better and basic parameters of Indian economy are moving in the right direction.
"Current account deficit will be under control and will try to keep fiscal deficit also within the prescribed limit," he said.
Jaitley further said the growth rate in current fiscal "would be better than the last year as per the old system". Indian economy grew at 4.7 percent in 2013-14 fiscal as per the old method.
The country has changed its methodology for calculating growth rate, estimating that in 2013-14 the GDP expansion was 6.9 percent. As per estimates, the growth rate would be 7.4 percent in the current fiscal.
The government has budgeted its fiscal deficit for the year ending March at 4.1 percent of the GDP, down from 4.5 in 2013-14.
As regards the current account deficit -- the difference between inflow and outflow of foreign exchange -- RBI has projected it to be 1.3 percent of the GDP in current fiscal, lower than 1.7 percent in 2013-14.
Regarding bringing back black money stashed abroad, Jaitley said that India will soon become part of international consortium where the focus would be on automatic transfer of information which would in turn help the government in getting easy access to such foreign accounts of Indian residents.

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