New Delhi: Finance Minister Arun Jaitley on Thursday said achieving a 10 percent GDP growth rate is challenging and will depend on how the world is moving. Speaking at the HT Leadership Summit partnered by CNN-News18, he said India has done well by growing at 7-8 per cent during the last three years.
Here’s a look at Arun Jaitley’s top quotes from the event:
— A 10% growth rate does not just depend upon internal factors. It has to factor in how the world is moving. If the world continues to be in recovery mode, like it currently is, then we cannot be growing at an exponential rate. Even then, we brought structural changes when the rest of the world was slowing down.
— We need a boom period like 2003-2008 to grow at 10% growth rate. I am one of those who believes that India is increasingly becoming impatient. Earlier, people used to welcome changes, even if it came at a cost. Now, that time is over.
— India, eventually, will have to fall back on its domestic production. India is, now, more globally connected. Therefore, our domestic product is finding a market. The government's policy changes have all been in favour of globalization.
— The one thing that can take India ahead in the coming future is exports. Our country has so far survived without a social security mechanism. The economic behaviour of Indians need nudging.
— You earlier had 17 taxes, now it's only 1 tax. We had an atrocious tax system pre-July 1. These brackets would not have been possible if everyone were not on the same page. Let me make it clear, though, a single rate GST is not possible in India. We cannot have a tax system which has the same rate for a Hawai chappal and Mercedes car.
— Removing taxes on sanitary napkins will kill domestic produce and only leave Chinese products in the market. It is an ill-informed debate
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