Read IMF report on progess under NDA: Jaitley
New Delhi, Aug 26 : Referring to the latest International Monetary Fund (IMF) report on India, Finance Minister Arun Jaitley on Sunday said that it was only with NDA coming to power in 2014 that the economy had undergone a transformational change.
In postings over both Twitter and Facebook, Jaitley, who resumed his duties earlier this week, said that a comparison of the data released in 2014 and 2018 proved that high inflation, fiscal deficit and current account deficit, besides a standstill in the infrastructure and power sectors, as well as in allocation of natural resources, were some of the failures of the previous UPA government.
"We have come a long way. The last four years have seen a series of reforms, both legislative and otherwise, which have been carried on by the Government. The system has been substantially cleaned up and made more transparent," Jaitley posted on Facebook.
"Decisiveness has led to easier decision making and made the economy stand out before several other countries. I would urge all to read these two reports (IMF), the copy of which are now publically available," he said.
"The tightening of global liquidity has increased external pressures and heightened the focus on India's macroeconomic imbalances (high inflation, large current account and fiscal deficits) and structural weaknesses (particularly supply bottlenecks in infrastructure, power and mining)," The Finance Minister said regarding the report's references to the situation in 2014.
"Growth is expected to slow to 4.6 per cent this fiscal year, the lowest level in a decade, reflecting global developments and domestic supply constraints. Headline CPI inflation is expected to remain near double digits for the remainder of the fiscal year. The current account deficit is narrowing, driven by a significant improvement in exports, robust remittances flows, and a rapid diminution of gold imports.
"Nonetheless, India has very little room to adopt countercyclical policies, constrained by persistently-high inflation, and sizeable fiscal and external imbalances. Spillovers from renewed external pressures interacting with domestic vulnerabilities are the principal risks," he said referring to the situation in 2018.
"Stability-oriented macroeconomic policies and progress on structural reforms continue to bear fruit. Following disruptions related to the November 2016 currency exchange initiative and the July 2017 goods and service tax (GST) rollout, growth slowed to 6.7 per cent in FY 2017/18, but a recovery is under way led by an investment pickup", he added.
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Will be in politics till 'last breath', says Siddaramaiah, seeks Varuna support for son
Mysuru (PTI): Karnataka Chief Minister Siddaramaiah on Friday said he will be in politics till his "last breath", and will continue to serve the people as much as he can.
He also called on the people of his Varuna assembly segment here, to support and nurture his son and Congress MLC Yathindra Siddaramaiah politically, just as they supported him.
"My political life has seen victories and defeats. I have lost in four elections, won seven. Victories and defeats are common in politics and I have seen both, but I have never forgotten to serve the people. Till today I have been serving the people as much as I can, and I will continue to do so. Till my last breath I will be in politics and will serve you as much as I can," Siddaramaiah said.
Addressing a gathering, he said, he cannot often visit the Varuna assembly segment and that his son, Yathindra, is handling the day-to-day affairs here.
"He was an MLA from here once (2018-23). I will approve all the developmental work here as Yathindra suggested. Like you nurtured me politically you should also nurture Yathindra. I have confidence and faith that you will do it," he added.
These comments have come amid ongoing power tussle between Siddaramaiah and his deputy D K Shivakumar over the chief minister post, amid speculations of leadership change citing alleged "power sharing agreement" between the two after 2023 Assembly polls.
Siddaramaiah credited his political growth and his becoming the CM twice, to the people of Varuna.
"If I'm the chief minister and the Leader of Opposition twice, if I have presented Budgets for 17 times, it is because of the blessing of people of Varuna hobli and Mysuru taluk. I became Minister in 1984, for about 46 years I have been a Minister. I have faced 13 elections, lost in four, and even when I lost you blessed me. I will never forget your blessings," he said.
Recalling his days of struggle, the CM said, with hardwork he studied and became a lawyer. "I later came to politics and because of all your blessings I have grown so far."
