India can add 1-2% to growth rate, says Jaitley

India can add 1-2 per cent to its growth rate with economic reforms, favourable weather and supportive global conditions, Finance Minister Arun Jaitley said today.

“How do I see the situation today... at the economic front it is a great opportunity that India has,” he said while delivering the 8th Annual NCM Lecture on ‘Economic Empowerment of Minorities’ here.

Jaitley said low oil, mineral and commodity prices regime has actually resulted in a transfer of wealth from producing nations to the consuming nations.

“And to some extent it is acting to our own advantage,” he said.

The finance minister further said the rest of the world has slowed down and in some places the situation is bordering on recession.

In the midst of a global slowdown, Jaitley said if India can grow at 7.5 per cent then it “has a capacity to add another per cent or two to this growth rate”, if the global tailwinds are more supportive, rain gods are kinder and the country is able to move on with economic reforms.

IMF chief Christine Lagarde recently said “India’s star shines bright” amid global economic challenges and can deliver nearly two-thirds of the worldwide growth over the next four years despite a slowing momentum.

The Economic Survey has pegged the economic growth at a conservative level of 7-7.75 per cent for the next fiscal beginning April.