Finance Minister Piyush Goyal on Friday presented the interim budget of the Prime Minister Narendra Modi-led NDA government in the Parliament. While reading out the Budget 2019, Goyal asserted that under the NDA government India has attracted a massive amount of Foreign Direct Investment (FDI) in the last five years, as much as $239 billion. Last year, which was the fourth year of the Modi government, it was recorded at $30,286 million, which shows there is a gradual increase.
He further noted that India has now made its place among the fastest growing major economy in the word, adding from 11th largest economy in 2013, India is now the 6th largest economy in the world. He added that several structural reforms have been introduced in the last five years, adding the GST, banking reforms, insolvency code is path-breaking moves by the NDA government.
In his Budget speech, he further highlighted that the fiscal deficit has been brought down to 3.4% in the revised estimate of 2018-19, adding that the current account deficit target for FY19 – 2.5% of GDP. He further claimed that the NDA government has finally overcome the problem of inflation in the country. He said that inflation was a hidden tax on the common man, which has finally been taken into account by the BJP-led central government.
He further assured that in a bid to recover the non-performing loans, a number of measures, including clean banking, a resolution friendly mechanism, have been implemented.
He further talked about the Pradhan Mantri Kisan Samman Nidhi, which has been proposed and approved to provide assured income support for small and marginal farmers.