(ET)
Finance minister Arun Jaitley said an annual growth rate of 7-8% was “fairly reasonable” in the current global situation, countering criticism that the note ban had taken a toll on the economy after a slowdown in the fourth quarter. He also said there will be swift action on the resolution of banks’ bad loans.
“There are several factors which can contribute to GDP in a particular quarter. There was some slowdown visible given the global and domestic situation even prior to prior to demonetisation in the last year,” the minister said at a press conference marking the government’s three years on Thursday.
