“Slower GDP growth will imply lower tax buoyancy and higher fiscal deficit. We must move towards an era of fiscal discipline where we can reduce the fiscal deficit, contain inflation and improve upon our growth rates. India must prepare itself for this. We must commit ourselves to this discipline in order to strengthen the Indian economy , which can improve the quality of life of every Indian and pull out the deprived ones from the state of poverty . Short-term disciplining till we reverse the present trend will give us long-term benefits. Indian economy grew by 4.7% in 2013-14, the second straight year of sub-5% growth. This has serious social consequences since slowdown comes with a decade of jobless growth. Reviving the growth momentum, containing inflation and altering the pattern of growth to gainful employment is today an overriding priority . There is a need to boost domestic lowcost manufacturing and hasten the pace of reforms. Price stability and growth are intertwined but may require a different strategy.” -Finance minister Arun Jaitley