India's current growth rate not satisfactory: Jaitley

'Digital India' initiative has a huge potential, he said.

Pitching for a higher growth of 8 to 10 per cent to eradicate poverty, Finance Minister Arun Jaitley on Wednesday said the country is no more satisfied with the current rate.

"India is no longer satisfied being in the 6 to 8 per cent growth. It wants to transcend to another level and aim for 8 to 10 per cent growth...We wish to grow faster because we have a huge challenge of eradicating poverty ahead of us," Jaitley said at the launch of 'Digital India Week' in New Delhi.

Citing the example of financial inclusion programme, he said the 'Digital India' initiative has a huge potential.

"In a period of less than five months, we were able to open 160 million Jan Dhan accounts. The Direct Benefit Transfer extends to almost 130 million people and achieved in a matter of few months," he added.

Jaitley said that 110 million insurance policies started within a period of less than five weeks.

It will now be the government's effort to make 'Digital India' a way of life and governance in India.

"Look at the changes it is bringing world over. The largest retailers in the world today do not own a retail store and largest transport companies in the world do not own a vehicle. This is the power of technology," he added.

He said that over the next few years, "we will see more banking done through the Internet, done through payment gateways rather than brick and mortar branches of banks".

Cheque would also become an obsolete institution and that is going to be the power of technology, he said adding areas such as education, media, justice delivery system and healthcare technology is going to play a great role.

"This initiative will empower India by utilising the technology to the foremost. I have not the least doubt that the leaders of the industry from the world over present here wanting to invest billions and billions of dollars in this field, new job creation will take place and it will probably take India to a much greater height," he said.

The 'Digital India' initiative will also help in bridging the gap between rich and poor.