NEW DELHI: On Sunday, Finance Minister Arun Jaitley revealed the results of the latest International Monetary Fund (IMF) report on India and said that the economy of the country had undergone a transformational change since NDA government came into power in the year 2014.
Finance Minister Arun Jaitley, who recently resumed his services after a comeback from a chronic kidney disease tweeted that on comparing the reports of the year 2014 and 2018 the economic growth of the country can be noticed clearly. He also said that comparing the data released in both the years showcases the failures of the previous UPA government as well.
In a Facebook post, Mr. Jaitley said that a long way has already been covered by the government and the previous years have seen a series of reforms, both legislative and otherwise, which have been carried on by the government. He also added that after the NDA government has come into power the overall system has become more transparent and clear.
“Decisiveness has led to easier decision making and made the economy stand out before several other countries. I would urge all to read these two reports (IMF), the copy of which are now publically available. The tightening of global liquidity has increased external pressures and heightened the focus on India’s macroeconomic imbalances (high inflation, large current account, and fiscal deficits) and structural weaknesses (particularly supply bottlenecks in infrastructure, power, and mining),” Mr. Jaitley said regarding the report’s references to the situation in 2014.
Referring to the situation in 2018 Mr. Jaitley said that in the financial year the growth is expected to slow down to 4.6 percent which is the lowest level in a decade. While Headline CPI inflation will hold on the double digit figures for the rest of the financial year. “The current account deficit is narrowing, driven by a significant improvement in exports, robust remittances flows, and a rapid diminution of gold imports,” he added.