The budget establishes a road map for India to return to the high growth track: Arun Jaitley
NEW DELHI: former finance minister Arun Jaitley On Saturday, he said that the 2019-20 Budget establishes the road map for India to return to the path of high growth and is based on the premise that economies that follow prudent fiscal policies will finally be rewarded in comparison with those that are delivered to the fiscal adventure.
In a post on Facebook a day after the Budget presentation, Jaitley said he has always wondered what he would choose between good economics and smart politics.
The choice is unfair because any government needs both to survive and act. The first term of the Prime Minister witnessed this combination of good economy and good policy, he said in the post entitled The 2019-2020 budget.
In stating that the Budget creates a political direction for an aspirational India, Jaitley said that various sectors of interest to the middle class and the neo-middle class, such as affordable housing and electric vehicles, have been encouraged.
In addition, the boost to the infrastructure, construction and real estate sectors would provide a boost to job creation and attract investment.
India will continue to be the largest fastest growing economy in the world. In the last two or three quarters, growth has been moderate. Undoubtedly, the Budget as a policy document sets the road map for India to get back on track, Jaitley said.
India's economic growth slowed to a five-year low of 5.8 percent in the January-March quarter. Also for the entire 2018-19 fiscal year, the growth rate was at its lowest level in five years, at 6.8 percent.
The economic study of the Ministry of Finance has projected a growth of up to 7% in the current fiscal.
Jaitley said the 2019-20 Budget focuses on accelerating the direction of the past and expands the roadmap on which the Prime Minister built India's growth story for 2014-19.
The surprising thing about this period was that, for an average of five years, India grew by 7.3%, its income grew exponentially and brought macro stability with the current account deficit and the fiscal deficit in the path of planning towards down. He said.
The current budget maintains that path based on the premise that fiscally prudent economies will eventually be rewarded compared to those given to the fiscal adventurer, Jaitley said.
The Budget, presented in Parliament by Finance Minister Nirmala Sitharaman, reduced the fiscal deficit estimates for the current fiscal year to 3.3 percent, from the projected 3.4 percent in the Provisional Budget on February 1.
In her speech, the finance minister said that India, which is currently an economy of $ 2.7 trillion, would become a $ 3 trillion economy in the current year.
In addition, he said that the goal of turning India into a $ 5 billion economy in the coming years was imminently achievable.