With gross domestic product numbers showing an uptick, Finance Minister Arun Jaitley said on Saturday the economy is turning around, investor confidence is improving and inflation is moderating as a result of the recent government decisions to relax foreign direct investment norms and push manufacturing.
The manufacturing curve has turned, services sector is looking up and inflation has by and large moderated, he said, while addressing his first press conference to mark 100 days of the NDA government in office.
"In the first quarter (April-June), a 5.7 per cent growth rate is encouraging. With the long-term impact of all the new initiatives setting in, I am sure the impact in the coming quarters will be much larger," he said.
The gross domestic product growth at 5.7 per cent in the first quarter of the current fiscal is highest in nearly two-and-half years.
Listing decisions taken in first three months in office, Jaitley said FDI restrictions in defence and railways have been eased, decision making hastened, special mechanism created to resolve tax dispute and steps taken to increase investment in manufacturing and infrastructure.
"The new government was clear about the direction in which it was to move. We wanted to expand economic activity, hasten decision making, easing doing business in country, open up significant sectors, expedite decision making, while maintaining the social sector expenditures in most areas," he added.
On future agenda, the Minister said the government would soon roll out disinvestment plan, push Goods and Services Tax and try to get the insurance bill through in the ensuing Winter Session of Parliament.
Image: Finance Minister Arun Jaitley