November 1, 2014 6:11 PM

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GDP growth to be in 5.5-5.9% range: Finance Minister

Finance Minister Arun Jaitley has said that the government's priority is to bring back growth momentum in the country. Addressing the first meeting of the Consultative Committee of Finance Ministry in New Delhi, Mr Jaitley said the government is expecting growth in the range of 5.5 percent to 5.9 percent this year. Finance Minister also said that in the last couple of years, there was a slow down in industry including manufacturing sector and decline in the investment resulting in growth of less than 5 per cent. He said the recent decline in the prices of international oil and domestic food items will help contain inflation in the coming months.The Finance Minister also informed that the capital flows to finance Current Account Deficit (CAD) is adequate and further moderation in CAD can be expected in 2014-15 due to lower oil prices. Mr. Jaitley said that government has taken various steps in resolving current impasse in mining sector and promote the FDI in selected sectors for better employment opportunities and development.

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