Good monsoon holds key to faster growth: Arun Jaitley

NEW DELHI: Finance Minister Arun Jaitley on Thursday said India can grow at an even faster pace this year if predictions of good monsoon hold up. Jaitley was speaking in Lok Sabha, which approved the Finance Bill 2016.
“It (good monsoon) will improve agriculture and raise rural income,” he said, adding that the economy which had been expanding on back of public investment, highest foreign direct investment (FDI) and urban demand, could grow faster if rural demand is added. The economy is projected to grow by 7.5% in this fiscal and the latest forecasts, predicting an above-average rainfall after two years of drought, bore well.

The FM moved 55 amendments to the Bill but retained the excise duty on jewellers despite opposition from some political parties.

“I am unable to understand this politics, this economics where you hate suits but are in love with gold,” the minister said adding that the 1% excise on non-silver jewellery is not applicable on small traders as well as artisans and only jewellers with more than Rs 12 crore turnover.