<p>Finance Minister Arun Jaitley said Thursday that India would become the world&#39;s fastest-growing economy in two years.&nbsp;</p>

<p>Jaitley, who was speaking in the Lok Sabha, was quoting from IMF data.&nbsp;</p>

<p>Jaitley also answered the question of why his goods and services tax has five slabs, one of the harshest criticisms of the GST:&nbsp;</p>

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<p dir="ltr" lang="en">I went to Singapore. There they levy 7% GST on both Mercedes and food. Can this be done in India, a country where a large population lives below the poverty line? How can same tax slab be implemented on a luxurious item &amp; a necessity?: FM Arun Jaitley in Lok Sabha <a href="https://t.co/UBBSFNPzZO">pic.twitter.com/UBBSFNPzZO</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/961575641899511810?ref_src=twsrc%5Etfw">February 8, 2018</a></blockquote>
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<p>Jaitley added that &quot;within a matter of months, we have been able to stabilise GST. We reduced rate with increase in revenue.&quot;&nbsp;</p>

<p>Jaitley that &quot;structural reform may pose momentary difficulty initially but in the long run it will prove to be beneficial.&quot;&nbsp;</p>

<p>This is something the government has been saying for a while -- that the &quot;disruptions&quot; of GST and demonetisation will bear fruit in the long run. &nbsp;</p>


Jaitley, who was speaking in the Lok Sabha, was quoting from IMF data

Finance Minister Arun Jaitley said Thursday that India would become the world's fastest-growing economy in two years. Jaitley, who was speaking in the Lok Sabha, was quoting from IMF data. Jaitley also answered the question of why his goods and services tax has five slabs, one of the harshest criticisms of the GST: I went to Singapore. There they levy 7% GST on both Mercedes and food. Can this be done in India, a country where a large population lives below the poverty line? How can same tax slab be implemented on a luxurious item & a necessity?: FM Arun Jaitley in Lok Sabha pic.twitter.com/UBBSFNPzZO — ANI (@ANI) February 8, 2018 × Jaitley added that "within a matter of months, we have been able to stabilise GST. We reduced rate with increase in revenue." Jaitley that "structural reform may pose momentary difficulty initially but in the long run it will prove to be beneficial." This is something the government has been saying for a while -- that the "disruptions" of GST and demonetisation will bear fruit in the long run.

India to become fastest-growing major economy in two years: Jaitley

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India to become fastest-growing major economy in two years: Jaitley