Finance Minister, Arun Jaitley compared two reports by the International Monetary Fund (IMF) to emphasize the NDA government’s transformation of a ‘weak’ economy. One report was made towards the end of the UPA 2 government in 2014, and the latest one in 2018.
“We have come a long way. The last four years have seen a series of reforms, both legislative and otherwise, which have been carried out by the Government. The system has been substantially cleaned up and made more transparent,” said Min Jaitley.
“In last 4 years decisiveness has led to easier decision making and made the economy stand out amongst several other countries. I would urge all to read these two IMF reports, the copy of which are now publicly available, any reasonable person will concur with what I have said.”
Citing the IMF report of 2014, he said there was high fiscal and current account deficits as well as a standstill in infrastructure, power and in the allocation of natural resources. It said economic growth is expected to slow to 4.6% in fiscal year (2013-14), the lowest level in a decade, reflecting global developments and domestic supply constraints.
On the other hand, IMF’s latest report said the economy is being transformed and growth is expected to rise to 7.3% in FY'19 and 7.5% in FY'20 on strengthening investment and robust private consumption. It also said stability-oriented macroeconomic policies and progress on structural reforms continue to bear fruit.