"This (10 percent growth rate) is reasonably possible. That is where India's potential is," Jaitley said at an event here soon after his arrival on the second leg of his nine-day US tour to attract American investors.

The Minister added India's seven plus percent growth rate came backdrop of a terrible monsoon last year and a second round of crop destruction in March this year.

The manufacturing sector was almost crawling, and the growth rate was around five percent, he cited. "Now with a lot more money being invested in infrastructure and governments even conducting their fiscal policy in order to help the manufacturing sector, there is a significant growth possible as far as this area is concerned," Jaitley added.

Hopefully, with a better monsoon this year, agriculture must do better and would add to the nation's economy, he mentioned. Goods and Services Tax (GST) has the potential to add at least one percent to the GDP of India, he said adding that last year, India grew by 7.3 percent in terms of GDP.

"It is important that we reach that target, but it is more important that we sustain it for a couple of years," the Finance Minister said in his remarks on 'Putting India back on track: A pathway to double-digit growth', at the American Enterprise Institute (AEI), a top US think-tank.

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