Union minister Arun Jaitley on Tuesday asserted that the government was committed to the path of fiscal discipline laid in the latest Budget and won’t resort to any “panic reaction” to address externalities like “artificial scarcity of crude oil” or the protectionist offensive unleashed by the developed economies.
Addressing via video an SBI event held in Mumbai, he said though interim fiscal reliefs could be considered, forgoing fiscal prudence as remedy would be worse than the problem itself. Rather, he said, the focus would be on making the domestic fundamentals stronger.
The minister said economic situation was sanguine given the revival of private spending, large infrastructure and rural investments, a pick-up in sales and a revival of the construction sector. He said the economic growth this fiscal year could “be higher than what conventional thinkers predict.
Source : Times of India