Finance Minister Arun Jaitley has said that the Indian economy is clearly on the path of recovery. In his address to the International Monetary and Financial Committee in Washington, Mr Jaitley said that India's growth recovered to 7.4 per cent in the first three quarters of the last fiscal as compared to 7 per cent during the same period in 2013-14. He said that the new government at the Centre is committed to maintain overall macro-economic conditions on a sustained basis so that the economy is able to achieve and sustain growth of 8 per cent and above. He said that Consumers Price Index, CPI inflation declined to 5.2 per cent in March this year from 11.2 per cent in November 2013.Noting that India has continued on the path of fiscal consolidation, Mr Jaitley said, the Gross Fiscal Deficit of the central government, which was 5.7 per cent of GDP in 2011-12, declined to 4.1 per cent in the last fiscal, and is budgeted to decline further to 3.9 per cent in the current financial year.