India will maintain rapid growth rate, says Jaitley

Union Finance Minister Arun Jaitley on Sunday said that India will most definitely retain its position of a 'fast growing economy' in the coming decades.

"We (India) are looked at as one of the bright spots in the world and over the next one or two decades our potential to retain that position of a fast growing economy, as China did in the last three decades," Jaitley said while addressing students at the 17th convocation of Jammu University.

Jaitley also said that the economy today is market-determined and this trend is likely to grow.

"If you actually see the nature of the world economy or Indian economy and you look at the largest companies today, compare it with the list of companies which existed prior to 1991; (prior to 1991), it was more regulatory, and post 1991, it is market determined. This nature of economy globally and also in India is going to expand further," he said.

He also appreciated the efforts by the state government and Jammu University to keep the traditional heritage of India intact.

Jammu and Kashmir chief minister Mehbooba Mufti, who is also the pro-chancellor of the university, was also present on the occasion.