Arun Jaitley on three years of Modi government: ‘Restored credibility of economy’

Arun Jaitley on three years of Modi govt: Saying that India was nowhere on the global radar three years ago, Arun Jaitley claimed the Modi government inherited corruption and indecision.

By: Express Web Desk | New Delhi | Updated: June 1, 2017 6:09 pm
Arun Jaitley on three years of Modi govt: Saying that India was nowhere on the global radar three years ago, Arun Jaitley claimed the Modi government inherited corruption and indecision. (file photo)

A day after the government said the GDP growth had slowed down to just above six per cent in the January-March quarter, Finance Minister Arun Jaitley, speaking on three years of the Modi government, said reforms introduced in the last three years helped in restoring the credibility of the economy.

Saying that India was nowhere on the global radar three years ago, Jaitley claimed the Modi government inherited a “weak” economy.

“Last three years were challenging for the entire world on economic front. Three years ago, there was slowdown in policy reform and structural changes in India. The system we inherited was weak in terms of credibility mainly due to corruption and indecisiveness,” he said.

Jaitley said the reforms introduced by the government has made it possible to curb corruption. “In the last three years, we have restored the credibility of the economy,” he said.

Reforms also ensured that India became the biggest recipient of FDI, he added.

On the slowdown in the GDP growth, Jaitley said: “There are several factors which affect GDP. Even before demonetisation, there was some slowdown. I do believe, that in the current global situation, a 7 to 8% growth which is at the moment an Indian normal, is a reasonable growth. I don’t see any adverse impact of the GST.”

Speaking on India’s exports, Jaitley cited the slowdown in global trade, “protectionism” and “geo-political uncertainties”

“Trade has decreased across the world and this has impacted exports,” Jaitley said.

On demonetisation, he said it helped quash the parallel economy in the country. “We set a new normal after demonetisation. It is no longer safe to deal in cash. We have shown decisiveness in policy making. Earlier, there was a parallel, shadow economy heavily depending on cash. We have ended that. There is now a greater focus on digitisation. The tax payers’ base has increased, post our reforms against black money,” he said.

The finance minister also charged the Opposition for spreading “propaganda” on employment figures.

“First there were allegations about lack of big bang reforms. Now the new allegation is about jobless growth. People need some issues for propaganda. Jobs don’t get created outside economic sector. If growth increases, jobs will also grow,” he said.

When asked about Pakistan targetting Indian forward posts across the LoC, Jaitley said: “In the past few days our armed forces have been dominating the LoC. Our efforts to reach out to Pakistan has been thwarted by them with responses such as Pathankot or Uri. So our overtures for peace have been successfully avoided by Pakistan.”

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  1. S
    shah tushar
    Jun 1, 2017 at 6:35 pm
    1. AADHAAR authentication does not work most of the time 2. AADHAAR biometrics can be stolen, printed and used for #AADHAAR pay 3. #AADHAAR does not work for NRIs, people outside India 4. AADHAR can not be generated if a person's fingerprint matches with someone else's with 60 probability. 5. Rogue government can deactivate your #AADHAAR blocking your gas, electricity, mo bile, bank account 6. AADHAAR works for p1kisatanis, bangladeshis 7. AADHAAR is blocking subsidies for millions of legitimate people 8. Take 10 lakh insurance for each #AADHAAR failure case or shut down shop
    1. P
      Prem Silhi
      Jun 1, 2017 at 6:13 pm
      The reforms introduced by the Modi-led BJP government have made it possible to curb hitherto corruption-based black-market economy and helped restore the credibility of the Indian economy on the global radar. Be wary of those opposing the nationalist government for we do not want to be caught up, again, in the whirlpool of ochlocracy by the dynasty rule with help from all the cronies in politics, bureaucracy, business, all kinds of ociations specially created under the Societies Registration Act of 1860(!), and, not to forget, our very dear quasi-intellectuals who are ever ready to pay back for the undue privileges they enjo in the past!
      1. T
        Jun 1, 2017 at 5:52 pm
        Lies, Lies, and more Lies......"DeMon has ended the parallel economy" according to this Liar🤥 .......BJP thrives on all the black money of the corporates and that is the reason why only the common man is "white" while the black political funding remains well protected by these crooks !
        1. S
          Jun 1, 2017 at 5:41 pm
          demonetization spoiled everything..
          1. M
            Jun 1, 2017 at 5:15 pm
            Modi's achievements. Plethora of meaningless slogans. Changed names of many established in-sti-tut-ions. Ensured long term pain and no gains by, demonetisation, death of more than 130 citizens of India is a small price. Changed the basics for all yardstick for calculation of economic data like WPI, RPI, GDP etc. Purchased modia and converted to MODIA. Divided every society or group. Compensated every guy who helped him to become PM. Made all RSS branches like COWRAKSHAKS, Bajarangdal and many more like them more powerful. Debarred freethinking and descent by the threat of sedition charges. And collected Sycophants and appointed them as Ministers. Recruited Michelle:Vedic:human and Dilips to propogate untruth. Made EVM a item of rigging elections . Made abusing and acting vechfully on the opposition a honorable norm. Visited lot of countries and made laughing stock of Indians there. And finally got isolated from the neighbors. All those are made in India.
            1. N
              Jun 1, 2017 at 5:11 pm
              GROWTH INDICES BEFORE AND AFTER MODI 1- Job Growth Rate – of 2016 is Worst in last 8 years – 2009 / 10 lakh jobs created - ---2013 / 4 lakh jobs created - - -2016/ 2 lakh jobs created 2- GDP Growth Rate ----- 2010 / 12 and 2016 / 7 even after fraud GDP formula calculation 3- Electrification of Villages ------ 2007 /28706 Villages done ----- 2013/ 1197 villages done --- 2016/7501 Villages done 4- Swach Bharat – Funds for treating Solid Waste Cut by 45 percent 5- Ganga Cleaning – Wasted 2958 Crores –Nill results – New study says Ganges more Filthier than ever 6- Nirbhaya Fund Allocation of 1000 Crores remain unspent for third year in a row
              1. P
                Prem Silhi
                Jun 1, 2017 at 6:11 pm
                Notwithstanding we write in English (looking at things thru the Western cultural prism), we should not forget we are in India, impacted on day to day basis by the unique culture (don’t forget the filth and poverty all around) we have for centuries. So, disregarding the popular phrase, “Minding my own business,” Neha I will like to give you a personal advice. Before you ever begin to criticize the nationalist government, think of your own contribution to the Motherland. For every moment since your birth, I blame you for the 1885-born Indian National Congress having been in government until the Modi-led BJP formed the government at the Centre. If you are not one of the 125-crore Indians PM Narendra Modi wanted to walk along together re-building a vibrant India, you are in the wrong company. Arvind Kejriwal is the fox if you are playing the crow in that popular story my own g mother told more than seventy-five years ago. Don’t let the cheese fall!
              2. J
                Joykutty Cherian
                Jun 1, 2017 at 5:09 pm
                There might be failures in any governments. But no time in the history of free India, citizens have been fooled like this. Modiji is winning purely on oratory skills, nothing else.
                1. J
                  Jun 1, 2017 at 5:01 pm
                  All gas. No substance. Turn off social media. Turn off paid news. Look around you. Nothing has changed. In fact, the condition of the economy has worsened.
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