Jaitley also said that rising tax revenues and improving macroeconomic fundamentals would take economy to an accelerated growth trajectory, while 8-10 per cent GDP growth was also not out of sight.
“It appears that the rain gods may be kinder this year to us than they were last year,” Jaitley said.
He said that the Department of Agriculture expects a better rainfall in most parts of the country to result in higher production of oil seeds and pulses, which at the moment are a cause of concern in terms of inflation.
“I hope their estimates turn out to be true,” Jaitley said, while expressing confidence that the monsoon should be good going ahead also, as was the case in June.
On tax revenues, Jaitley said, “There are some sporadic data which indicate a significant recovery.”
“Yesterday’s indirect revenue data for the first quarter did indicate that Customs Duty, Excise Duty, Service Tax, even without additional revenue measures were up 14.5 per cent over the past fiscal,” he said while speaking at the Nabard Foundation Day celebrations here today.
The minister said that the overall growth in indirect tax collection would be 37 per cent if the additional revenue measures are taken into account.
“The silver lining is that revenue situation may be more comfortable… compared to last year.
“And therefore with the ongoing reform process, and some more significant changes like GST in the pipeline, increased infra spending this year, emphasis on smart cities, when all these initiatives get onto the field, then our aspiration to cross that 8 per cent growth and get to the 8-10 per cent level is not something which is completely out of sight.
“… (it is) something which may be imminently achievable,” he said. .