Never spoke of fiscal stimulus to revive growth: Arun Jaitley

Finance Minister Arun Jaitley is on a week-long official visit to the US to attend the annual International Monetary Fund and World Bank meeting.

By: Express Web Desk | Washington | Published: October 15, 2017 5:42 pm
arun jaitley, jaitley in us, indian economy, fiscal stimulus revival package, economic growth, finance minister, jaitley in washington, aun jaitley imf world bank meet, indian express Finance Minister Arun Jaitley (Source: Twitter)

India had not talked about declaring a fiscal stimulus package for giving a boost to the economy, Finance Minister Arun Jaitley said in Washington. “I have not used that phrase (fiscal stimulus). I said we will respond to situations and your fraternity translated the word respond as meaning stimulus,” Jaitley said on Saturday at the closing of an official visit to the United States to attend the week-long annual meeting of the International Monetary Fund (IMF) and the World Bank.

“So you are the ones who should be answering and not me,” he said adding that since it was the Indian media which had mentioned fiscal stimulus, “you should ask them” about it, news agency IANS reported.

Last month, the FM had hinted towards a package aimed to help uplift the economy after a sharp decline in macro indicators like GDP and production were witnessed. He had, however, not given any particulars as to what would the package constitute, stating that they would be revealed only after Prime Minister Modi has been consulted with.

“We have taken note of all the economic indicators that are available. This has been a pro-active government on the reforms agenda. I have had a series of discussions with ministerial colleagues and various secretaries. The government will take additional measures in the coming days after consulting the Prime Minister. Whenever the measures are taken, you will come to know of it,” Jaitley had said Delhi after a cabinet meeting.

Indicating that the NDA government had inherited a large fiscal deficit when it came to power almost three years ago, 4.6 per cent, Jaitley said that the country has slowly moved on to glidepath, which will continue. “What are the requirements on the economy? How steep is that glide path, You can decide on a year to year basis,” he said responding to a question.

READ | IMF chief says Indian economy on ‘solid track’

He also said that the central banking institution, the Reserve Bank of India is an experienced institution and is capable of deciding for itself. “They know that inflation management and growth both have to be balanced. RBI has an expertise of its own. They take their decisions accordingly,” he said.

The union finance minister also said that there is much interest about India in the US and among its investors. “Both those inside the government and the US companies have shown great interest in investing in India now,” he said.”

Jaitley, who led the Indian delegation to the annual meetings of the International Monetary Fund and the World Bank, also said that American companies are investing in India in a big way. “You have Indians investing in the US, you have US companies investing in India. And, in November, a large contingent of US corporates is coming to India to invest,” he said.”

(With PTI inputs)

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  1. F
    Oct 23, 2017 at 10:51 pm
    this is heights of POLICY UNCERTAINTY...if he means it...why doesnt he say he is going to stick to 3.2 fiscal deficit target....he just wants to keep everyone guessing...greatest dis service to Indian Economy...
    1. S
      Oct 15, 2017 at 6:47 pm
      This man is denying this now because modi must have hammered him. Now bjp will be always on denial mode . " I have never said like that, mere kaheneka matalab wo nahi ha, u stupids dont understand real meaning of economic growth, even former governers of rbi also misunderstand the meaning of growth." Only me as a parrot tell u what modi wants u should know. And only he is right. All others are stupids stupids stupids and stupids. So listen to me and modi is only right. Tum log kya samazoge? Tumhe kuch akal hai ya nahi? Main jo bolata hu wohi sach hai. Aur agar main aaj kalse kuch alag bola to aaj ki bat such hai. Kyo ki modi was angry with me yesterday and was orfered to change statement.
      1. S
        Oct 15, 2017 at 7:03 pm
        Read the report carefully and you will know that Jaitley told the truth. You made up something in your mind and ask him to explain about something which he had never said. And now in a Maharaja style shooting at a tangent!Pity
      2. P
        Parth Garg
        Oct 15, 2017 at 6:43 pm
        He is always under the skin of a lawyer forgetting that he is talking about economy. This is what happens when a square peg is ed in to a round hole.
        1. S
          Oct 15, 2017 at 7:05 pm
          Wisdom of an AAPTARD!
        2. G
          Gullibal cannibal
          Oct 15, 2017 at 6:27 pm
          Brutal lie. Economic advisor to PM Arvind Subramanian recently told that to fix economy he has advised PM to launch fiscal stimulus. That poor baby Arvind was not, as claimed by himself, aware of the demonetization that Modi had only in his mind. Believe it people, believe Arvind.