“The broader thing that we are seeing is, some signs of revival growth. Certainly, the deceleration has bottomed out and India has become an attractive destination in international context”, he said.

“I think we had the growth forecast for this year at 7.4 per cent. Key thing is we have said going forward whatever the number is today, growth will accelerate a little bit more because of three favourable factors”.

“One, oil prices have come down… two, firms are registering profitability, monetary easing has begun. So our growth this year and next year should be greater than 2014 and 2013. Thats how we arrived at our forecast for 8 to 8.5 per cent growth”, he said.

Pointing out that the Budget has managed to combine macro economic discipline, he said, “if you look at the fiscal indicators from the government between the Centre and States, we found surprising capital expenditure, which is going to go up by Rs 150,000 crore, which is not much as we wanted”.

“But if you combine that with the States, actually, the increase is almost 0.5 per cent. So this is eureka moment for me. Because when you look at Centre and State finances as a whole, States get more consolidation from the Centre”, he said.

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