'We have restored credibility of the economy', says Arun Jaitley
India, Politics

‘We have restored credibility of the economy’, says Arun Jaitley

On completion of NDA government’s three years in power, Finance Minister Arun Jaitley briefed the media in New Delhi on Thursday. He claimed to have “restored the credibility of the economy”, adding that, “We have shown decisiveness, even the ability to take difficult decisions.”
He said the government has taken steps to control corruption in the country.

The GST is all set for a rollout in July this year, and Jaitley said that it will usher in a new revolution in taxation manner.

Last week, Prime Minister Narendra Modi, on his monthly radio address Mann ki Baat, said that he was pleased with the feedback the government was receiving on its work. “I am very happy people are evaluating our work in great detail. I welcome this. Constructive criticism strengthens our democracy,” PM Modi had said.

Highlighting the fact that there was a slowdown in policy reform three years ago, he said that credibility of the economy has been restored. He also added that the Centre adopted those policies that boosted growth and ensured benefits to everyone.

Adding to this, he said that all economic leakages have been checked and that demonetization has led to a new normal in the economy. There has been a movement towards digitalisation, increase in a number of taxpayers and transformational changes have taken place insolvency and insolvency laws. Linked to this, is the challenge of wanting to increase private sector investment – even though public and FDI investment has increased

Jaitley also noted the fact that three years ago, the first year revenue was 9.4%, which increased to 17 and 18% in the second and third year respectively.

The Centre also passed One Rank One Pension (OROP) and ensured better defence procurement. He has also said that there are challenges from our padosi (neighbours) and insurgency. Also, a number of schemes for the welfare of the poor have also been implemented.

The finance minister stated the fact that they have succeeded in maintaining consensus with GST.

Also, authorities investigate the benami properties.

As far as the India-Pak relations are concerned, the government has taken steps to ease the problem.

Also read: Manmohanomics comes true, GDP slows down post demonetisation

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