Finance Minister Arun Jaitley On State Of Economy
economy of growth in the special efforts of the lowest in three years on Tuesday.
Here are the highlights of Arun Jaitley’s speech:
- Last month, I had said that we would be able to meet the challenges at GST.
- In the last three years, India is the fastest growing large economy in the world.
- Comprehensive economic fundamentals are strong.
- Sometimes there is a slight hiccup in big improvements, but in mid and long words, they prove to be more beneficial.
- If you are looking, since 2014, you will see a steady decline in inflation, some of our current account deficits … it was as low as 0.7% last year …
- We have strengthened the banks which we saw from 2008 to 2014 when the loans were given to the dozen and the actual status of the banks was not discussed.
- The need for increasing public expenditure today’s measures will boost the basic expenditure on a large scale.
- Over 8,100 defaulting defaulters have given Rs. 76,600 crores
- Under our banking laws, names of the extinct defaulters are publicly available.
Subhash Chandra Garg, Department of Economic Affairs, Ministry of Finance, briefing media
- The story of a stable low inflation is the story of a constant low inflation.
- Something is a matter of our current account deficit … last year it was as low as 0.7%
- We have crossed the $ 400 billion foreign exchange reserves.
- The biggest improvement in GST, such as the fight against demonetization and black money among others.
- There is very low level of current account deficit, in safe ranges of less than around 2%.
- We are taking a huge and historical road and infrastructure building program.
- Effective and targeted the main priority of Government.
Ashok Lavasa, Finance Secretary
- Effective and targeted spending is the main priority of Government.
- The largest component of road construction program, Bharat Mala Program
- 34,800 km Road is constructed and it will see the investment of the Rs. 5,35,000 in the next five years.
- In the first phase of Bharat Mala, about 2000 km of coastal roads will be constructed.
- Improvement in basic borders will be provided to improve inter-country trade by improving basic borders.
Financial Services Secretary Rajiv Kumar on two-year roadmap for PSBs
- The Cabinet has approved an unprecedented PSB capitalization plan of Rs. 2 million 11 thousand million
- Measures to set up various capital were taken by the government to ensure the health of the public sector banks.