Dr Arvind Mayaram, Finance Secretary, Government of India has exuberated confidence on achieving a growth rate in the range of 5.7 to 5.9 per cent during the current fiscal year 2014-15. He said that an upgrade by S&P in the overall outlook from negative to stable reaffirms the fact that the health of the economy is in a much better condition than it was a year ago. Finance Secretary Dr Mayaram said that the indices in H1 of 2015 appear to be more robust, with the first quarter GDP growth numbers coming in at 5.7 per cent, significantly low rates of inflation and a healthier external account balance. He said that investments are higher compared with the levels in the previous year while addressing foundation day of Madras Chamber of Commerce & Industry at Chennai.
Finance Secretary said that infrastructure development is one of the foundations on which the present Government wants to accelerate growth and create employment opportunities. “In the past, large projects had come to a standstill and many others were stressed on account of slow decision making and paralysis. Signs of recovery are visible in the sector, albeit slowly. The investment data in September 2014 shows an uptick with a growth of 9.8 per cent as against 6.7 per cent growth during the corresponding period in the last fiscal year”, said the Finance secretary.
On ease of doing business, Finance Secretary Dr Mayaram said that whereas some of the Central Government policies and processes need to be changed and the revision is underway, most of the action lies with the states. He suggested that the Chamber must recommend laws under which the State Governments can move towards self certification or third party certification for giving clearances and approvals.