India’s finance minister is confident that the nation’s economy can grow at a faster pace than that of China due to reforms and a huge public investment program.
“I think we can do even better” than China, Arun Jaitley told the Financial Times as the Narendra Modi-led administration completed a year in office.
“Our growth rates are much faster, our job creation is faster, our fiscal deficit is totally coming under control, our current account deficit has never been as good,” he was quoted as saying in an interview.
Jaitley refuted criticism over lack of “big bang” reforms, pointing out that the government is launching a massive investment program and strategic privatizations.
“We have restored the credibility of the decision-making process in India,” he said.
Jaitley pledged to push a more assertive agenda, including a bankruptcy law to help restart private investment and a plan to pump billions of dollars into irrigation, roads and other projects to boost the country’s rural economy.
“In the next few years of this government’s term we intend to step up a huge amount of investment as far as rural infrastructure is concerned.”
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