Jaitley, who began his 10-day visit to US yesterday, said that he is "extremely pleased" with what the government has achieved in the last one year but feels that India has the ability to do much better.

"The credibility of the Indian economy has been virtually reestablished but then as I have been repeatedly saying while there is excitement, there is also a lot of restlessness as far as we in the government are concerned because we feel that the 7.5 percent growth rate we have achieved is not our best potential growth rate," Jaitley told a news channel.

"We think we have an ability to do much better," he said.

He stressed that a series of reforms aided by a lot of investment particularly in infrastructure, improvement in manufacturing, agriculture will help push up India's economic growth.

Predicting an 8 percent growth this year, he said the government will set higher GDP growth targets in the future.

"I think our growth rate certainly by end of this year should be around 8 percent. (In) Future years I am keeping my fingers crossed, our targets are going to be higher," he said.     

On whether India is now a better investment hub than China, Jaitley said he does not compare the two because "we have grown in recent years but China had a consistently 9 percent plus growth rate for more than three decades.

"We have a lot of distance to cover before we can really equate ourselves with that but that is a good example to follow and therefore I’d rather India grow for a decade or two by that 8-9 percent growth rate and it is only then that our entire potential will be realised," he said.

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