Finance Minister Arun Jaitley says India can reach GDP growth of 8-8.5% “if we stick to the reforms”, IIFL reported. Inflation has been under control, he said. Jaitley stated that the fiscal situation has never been as good as it is now. Despite challenges, India has kept pace with growth. Global slowdown has impacted India’s international trade, the minister said. Two consecutive years of less than normal monsoon was our biggest challenge, he said. Indicating that the goods and services tax bill may not go through in the current session of parliament, Jaitley said the Bill was being delayed for “collateral reasons”. However, the minister added, the government will push for other reform bills in the Rajya Sabha (Upper House of parliament) before Wednesday. The bills include amendment to the Arbitration and Conciliation Act, a legislation to set up commercial courts and bankruptcy code.
