Finance Minister Arun Jaitley addressed the media today on key initiatives undertaken by his ministry in three years. Mr Jaitley said the last three years have been challenging for the economy.
Here are the highlights:
Here are the highlights:
- Last three years have been challenging for economy
- Have seen an increase in protectionism globally
- India was not on global radar three years ago
- Government has restored the credibility of the economy
- Government has taken tough steps to root out corruption
- Government has liberalised FDI regime, India has become largest recipient of FDI
- Process to implement GST in its final stage
- Reforms in subsidy have helped save resources, plug leakages
- Demonetisation created a new normal for economy
- Taxpayers base has increased post-demonetisation
- Resolution of banking non-performing assets a work-in-progress, a major challenge
- Setting up of Monetary Policy Committee, new bankruptcy code have been transformational changes
- There was some slowdown visible even prior to demonetisation
- Don't see any adverse impact of goods and services tax on GDP growth
- Government in a state of preparedness to implement GST from July
- GDP growth of 7-8 per cent is reasonable given global conditions
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