Besides, he said while the country was suffering from double-digit inflation then, this has dipped to a low of 3.7 percent, an official statement said.
In his lead intervention in the plenary session of the International Monetary Fund’s (IMF)International Monetary and Finance Committee on Friday, he said India is utilizing the regime of lower oil and commodity prices to increase investments in infrastructure and irrigation as well as to undertake comprehensive subsidy rationalization and successfully roll out the world’s largest financial inclusion initiative under which around 185 million bank accounts have been opened.
Due to the large number of initiatives underway encompassing multiple areas of intervention and reforms, Jaitley expressed optimism that India would continue to record higher level of growth.
He emphasised that the IMF would be constrained in meeting its obligations if the IMF Quota and governance reforms are not implemented expressing concern at the unprecedented delay in implementation of the 14th General Review of Quotas.
Jaitley also said that the global economic outlook outlined by the IMF does not look particularly encouraging as it has bearing on India’s exports.
Consisting of 24 members who are finance ministers, central bank governors or others of comparable rank, the IMFC is a key body providing strategic direction to the work and policies of the IMF.