India seen as engine of global growth, says Arun Jaitley

NEW DELHI: Union

Finance Minister

Arun Jaitley on Wednesday said India stands out as a bright spot in the global economy.

Presenting the Union Budget 2017, Arun Jaitley praised India's economic growth and said country's economic profile has considerably improved.

"India is seen as engine of global growth and has witnessed historic reforms in the last one year," Jaitley said.

"International Monetary Fund estimates that the world GDP will grow by 3.1% in 2016 and 3.4% in 2017," the finance minister said and added, "The advanced economies are expected to increase their growth from 1.6%-1.9% and emerging economies from 4.1%-4.5%."

Jaitley made specific mention of government's move to demonetise high currency notes and GST as bold reform measures.

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