Finance Minister Nirmala Sitharaman expressed optimism in an interview published on Friday that India could achieve its nominal economic growth target of 10.5% this fiscal year and hinted that growth took priority over taxing diesel vehicles.
“I would like to believe that we will achieve the target,” Sitharaman told the Republic policy. India’s fiscal year begins on April 1. Nominal gross domestic product growth fell to a 10-quarter low of 8% in June.
The minister also said stocking up passenger vehicles by dealers to meet festival demand indicates “activity and good buoyancy in the economy.”
India’s festival season typically starts in late September.
She also said nothing was holding back a majority stake sale of IDBI Bank (IDBI.NS), but it was a matter of timing.