Finance Minister Piyush Goyal on Friday said India has emerged as the brightest spot in the world in the last five years during which the country witnessed the fastest GDP growth higher than under any previous governments. Presenting the Interim Budget for 2019-20 in the Lok Sabha, Goyal said India has been recognised as the brightest spot in the world in the past 5 years. He further said India is the fastest growing major economy in the world and that the GDP growth in the last 5 years had been higher than under any previous governments.
Goyal said the fiscal deficit will be at 3.4 per cent of GDP this year and the current account deficit is likely to be 2.5 per cent of GDP this year. Piyush Goyal also said the Modi-led NDA government contained double-digit inflation and the government has broken the back of high inflation.
“We have liberalised FDI allowing more investment through automatic route,” he said. Stating that the government had “undertaken path-breaking structural reforms by introducing GST and other reforms”, he said that the NDA government has been able to rein inflation. “If we had not controlled inflation, our families would have been spending 35-40 per cent more on daily use items,” Goyal said.