India has potential to achieve double digit growth: Jaitley

Union Finance Minister Arun Jaitley on Saturday said India has the potential to achieve double digit growth.

Interacting with media in Bhopal, Jaitley credited the first year of NDA rule for the country exhibiting a new energy to achieve national goals.

In a reference to a recent report of the Central Statistics Office, he said that the nation's manufacturing sector has posted a growth rate of over seven per cent growth, which to his mind was indicative of a rejuvenation of the industrial sector.

Emphasizing that the NDA Government was both transparent and decisive in policies, Jaitley said relations between the Centre and the states have improved and the global image of India has brightened. He said he was confident about the nation marching further towards development in fiscal 2015-16.

Questioned about the Land Acquisition ordinance, Jaitley said the government's policy and intent is development-oriented.

Defending the decision to adopt the ordinance route, he said that repeated opposition hurdles in the Rajya Sabha, had forced the NDA regime to adopt an alternative route through a joint committee.

Jaitley also said that three legislations had been brought after the constitutional amendment on Goods and Services Tax (GST) to ensure that India achieves the goal of becoming one market with a uniform rate of tax.

During his visit to Madhya Pradesh, Jaitley inaugurated the New Bank Note Paper Line unit of 6000 metric ton capacity at Security Paper Mill in Hoshangabad, and flagged off the first consignment of one thousand rupee bank notes made indigenously to the Currency Note Press Nasik.

The project has been completed at a cost of Rs.495 crores. This is a start-of-the-art plant with capability for incorporation of advanced security features in bank note paper.

It is capable of manufacturing all denominations of bank note paper, including in the denomination of Rs.1000.

Jaitley also inaugurated the composite logistics hub at Pawarkheda and addressed a farmers' rally.