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Tag: Transformation Of Indian Economy

Jaitely Quotes IMF and Supports Reforms Of Indian Economy

Aug. 27 Economy Comments

Arun Jaitely Finance Minister[New Delhi] Jaitely Quotes IMF and Supports Reforms Of Indian Economy
Finance Minister Arun Jaitley has cited IMF reports to highlight how the Narendra Modi-led government through a series of reforms has transformed the “weak economy” it inherited from the UPA government.
Jaitley, in a Facebook post, said ,report of 2014 talks about weak economy during the UPA government and the latest points at near-term macroeconomic outlook broadly favorable and growth forecast rising to 7.3 per cent in FY 2018-19, he said.
Quoting the IMF report of 2014, released in February, Jaitley said there was high fiscal and current account deficits as well as a standstill in infrastructure, power and in the allocation of natural resources.
Taking leaf out of 2018 report, Jaitley said, “Stability-oriented macroeconomic policies and progress on structural reforms continue to bear fruit.”
Quoting from the report he said, economic risks were tilted to the downside.
Domestic risks pertain to tax revenue shortfalls related to continued GST implementation issues and delays in addressing the twin balance sheet problems and other structural reforms, he added.

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