Will maintain 6-8% economic growth, inflation under check: Vaishnaw

India will comfortably maintain a 6-8 per cent economic growth rate while keeping inflation under check in the years to come, senior Union Minister Ashwini Vaishnaw said on Thursday.

 

He also said that simplification of tariffs and customs laws are among key focus areas for his government to boost exports.

 

Speaking at a session during the World Economic Forum Annual Meeting here, the minister said inclusive growth remains a key pillar of the country's economic blueprint, alongside continued focus on manufacturing, services and simplification of laws.

 

Inclusive growth has been a key reason for Prime Minister Narendra Modi coming back for a third term as he ensured that the benefits of the economic growth reached every section of society, the minister for railways, information and broadcasting, and electronics and information technology said.

 

Vaishnaw said the talent available in India is unmatched across sectors and the world today trusts India because of its policies.

 

Companies are shifting their factories and value chains to India, he added.

 

Speaking at the same session, industrialist Sanjiv Bajaj said India has a government that delivers on promises it makes to the industry.

 

India has become a world leader in many sectors, including in new-age areas like drones, he added.

 

But, a growth rate of 6-6.5 per cent is not good enough for a country as big as India, and it needs growth of at least 7-7.5 per cent, he said.

 

At the same time, there are some sectors and areas like land procurement where more needs to be done, Vaishnaw said.

 

The government has done a great job, but we need to grow faster and make sure the private capital comes in, he noted.

 

Vaishnaw said the simplification of tariffs and customs laws are among the key focus areas of the government, and export-led growth can be a key differentiator.