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FM pegs FY15 GDP growth in 5.5-5.9% range

The Narendra Modi-led government’s major focus is bring back growth momentum and it would try and achieve this by encouraging growth in the manufacturing sector, finance minister Arun Jaitley has said.

FM pegs FY15 GDP growth in 5.5-5.9% range

The Narendra Modi-led government’s major focus is bring back growth momentum and it would try and achieve this by encouraging growth in the manufacturing sector, finance minister Arun Jaitley has said.

“The Make in India campaign is expected enhance production by bringing in global quality standards,” Jaitley said, adding that he expected growth to tick higher and come in the 5.5-5.9 percent range. India’s GDP has grown at below 5 percent for each of the past two years.

The FM also touched upon other macro issues such as falling inflation and said lower oil prices bode well for prices. He added that the government was also focus on boosting savings, increasing fiscal consolidation through subsidy rationalization and reforming taxes.

“Our capital flows are adequate to finance the current account deficit,” the FM said, pointing to the macro data, which had proved problematic last year.

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