Decline in growth rate has bottomed-out: Jaitley

Posted on 9th Jan 2015 01:21 pm by mohit kumar

New Delhi, Jan 8 (IANS) The slowdown in the growth rate has tapered out and the economy will recover further because of falling inflation and a favourable external environment, Finance Minister Arun Jaitley said Thursday.

"Emerging trends indicate the growth deceleration in India has bottomed-out. Significant downward trend in inflation has also been recorded in the second and third quarter of 2014-15," he said at a pre-budget meeting here with social sector representatives.

The external environment has also largely turned in India's favour, Jaitley said, according to a finance ministry release.

"Domestic policies to achieve macro-economic balance and the on-going process of economic reforms would lend further strength to the recovery of the economy," he said.

Falling crude oil prices in the international market have come as a breather for the government, he added.

Jaitley also said that apart from ongoing schemes and programmes for the marginalised and vulnerable sections of the society, the government has initiated various special social sector programmes.

It has given a thrust to skills development and the Make in India programmes to improve employability and create more job avenues, he added.

The finance minister, who will present the budget for 2015-16 next month, received various suggestions from social sector groups, including immediate steps to prevent diversion of funds meant for Dalits and tribals, which will make available about Rs.30,000 crore for their development and proper implementation of the Prevention of Domestic Violence against Women Act.

Other suggestions include implementation of a national competition policy to push growth onto a higher trajectory, and adoption of a public procurement law to curb corruption, the statement said.

Other news

Rahul Gandhi: 'Modi gave many projects to Adani in 10 years', Rahul Gandhi made many allegations targeting the Prime Minister

Congress leader Rahul Gandhi on Thursday alleged that several infrastructure projects like ports,

I am a novice in politics: Manjhi

Patna, Jan 8 (IANS) Bihar Chief Minister Jitan Ram Manjhi Thursday expressed his helplessness f

Republic Day Parade 2023: Who will be the chief guest this time, and how and where to get the parade ticket; know everything here

The country is going to celebrate its 74th Republic Day this year on January 26, 2023. On this da

UP Lawyer Killed: Lawyer shot dead after entering the court, accused absconding, police force on the spot

UP Lawyer Killed in Shahjahanpur: A major incident has been seen in the Shahjahanpur district of

Pakistani actress was offered Dhurandhar, but turned it down at the last minute. She was trolled for sharing photos with Ranveer.

Dhurandhar has been making headlines ever since its release. The film is garnering attention and

Warring factions of Kerala's Syrian church move for truce

Thiruvananthapuram, Feb 9 (IANS) After warring for decades, the two factions of Kerala's influe

Shane Warne's son Jackson takes a hat-trick

Melbourne, Feb 7 (IANS) Australia spin legend Shane Warne's son Jackson proved he is a chip of

Defence ministry staffer held over documents leak

New Delhi, Feb 24 (IANS) A defence ministry employee was arrested here Tuesday for his alleged

25 years of exile: B-Town supports Kashmiri Pandits

Mumbai, Jan 19 (IANS) Bollywood celebrities and Kashmiri Pandits Anup

Modi Govt 8 Year: Preparations for the big celebration on completion of 8 years of Modi government, know what is the plan

8th Year Modi Government Preparation for Celebration: The Narendra Modi government at the Center