Macro-economic Fundamentals of Economy Are Strong: Finance Minister Arun Jaitley

New Delhi, Oct 24: Finance Minister Arun Jaitley on Tuesday said that the economy was in a strong position. He said that big structural reforms have impact for a small time, but they have long-term b

Updated: October 24, 2017 5:23 PM IST

By India.com News Desk

Macro-economic Fundamentals of Economy Are Strong: Finance Minister Arun Jaitley
Arun Jaitley (Image: Getty)

New Delhi, Oct 24: Finance Minister Arun Jaitley on Tuesday said that the economy was in a strong position. He said that big structural reforms have impact for a small time, but they have long-term benefits. He also said that the economic structure and macro-economic fundamentals were strong in the country. Jaitley was speaking at a press conference at National Media Centre in the national capital. (Also read: Finance Minister Arun Jaitley’s Big Press Conference on State of Economy: Highlights)

The Secretary, Department of Economic Affairs, Ministry of Finance, Subhash Chandra Garg made a presentation before the media in the presence of the Finance Minister. He seconded Jaitley as he said that the macro-economic fundamentals of the country were strong. He highlighted the economic achievements of the country. Here is what he said:

  • We won’t cross 4 per cent inflation. India is defined by low inflation these days.
  • Current account deficits are very well-known and are very low. It is in safe range of less than 2 per cent.
  • GDP growth story is heartening despite recent blip. Average of 7.5 per cent seen in last few years. There was a blip with GDP at 5.7 per cent but we are convinced it has flattened out.
  • A number of indicators point out that the economy is turning around. This quarter numbers, when they come out, will show we are back on strong growth path.
  • Major reforms benefit economy in the long run. Our government wants high growth economy while focusing on the common man.
  • We have crossed $400 billion forex reserves.
  • Real GDP growth average is 7.5% in last 3 years
  • Govt. has consistently laid focus on public investment and infrastructure for welfare of common man.
  • GST has been the biggest reform, along with others like demonetisation and fight against black money.

The finance minister had come under intense criticism by the Opposition after India’s GDP growth rate plummeted to 5.7 per cent in the first quarter of the fiscal 2017-2018. Former prime minister Manmohan Singh blamed demonetisation and GST for the slowdown.

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