A high rate of growth is necessary to alleviate poverty and ensure that benefits of development reach the poor, Finance Minister Arun Jaitley said Thursday.
Addressing the 25th World Congress of Savings and Retail Banks here, he also said an aspirational society cannot wait indefinitely for the benefits of growth to improve the quality of life of the poor.
"Economies like ours all over the world need a high rate of growth. We want to use growth as a mechanism to pull the maximum number of people out of poverty, improve upon quality of life but we are conscious of the fact that dangers of development and progress benefiting a few and leaving many others out of inclusion system are also there," he said.
Therefore, he said, "the penetration effect of growth will certainly take place but it will be a slow process and aspirational society is not willing to wait indefinitely."
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