India aspires to grow much faster: Jaitley

New Delhi: Aspirational India is not satisfied with the current growth rate which is way below the country's potential, Finance Minister Arun Jaitley said on Tuesday.

"India today aspires to grow much faster. When I say we aspire to grow much faster, we are still not satisfied with present growth rate we have achieved...But our potential in more friendlier environment both within and outside is much higher," he said at an event here.

GDP growth slowed to 7 per cent in the April-June quarter, from 7.5 per cent in the previous quarter, amid deceleration in farm, services and manufacturing sectors.

Government expects a growth rate of 8-8.5 per cent in the current fiscal, 2015-16.

Jaitley, who was speaking at the India Africa Forum Summit, said expanding relations between the two will be a win-win situation for everyone.

The Summit aims to carry forward the relationship between India and Africa to new heights in Trade, Human Resource Development, IT and so on, he said, adding that renewable energy, agriculture & food processing are other areas of cooperation between the two.

India has decided to set up Project Development Company in Africa to promote and develop infrastructure projects.

"Exim Bank, IL&FS, State Bank of India have joined hands with African Development Bank to float a Project Development Company for Africa. The company will help identify, develop infrastructure projects," he said.