Economy poised to take off at a much faster pace, says Jaitley

India's economy is poised to take off at a much faster pace, Finance Minister Arun Jaitley told reporters on Thursday.

Asia's third-largest economy grew an annual 7.5 percent year-on-year in the quarter through December, higher than 7.3 percent growth recorded by China in the latest quarter, after its statisticians changed the way they measure it.

New Delhi expects the economy to grow an annual 7.4 percent in the year ending in March faster than a revised 6.9 percent a year earlier.

"We are now poised to take off at a much faster pace," Jaitley said.