Union Minister Piyush Goyal is presenting the NDA government's interim budget, two months ahead of the general elections. All eyes are on the Budget presentation and Mr Goyal's speech as the government announced sops for the common man, farmers and traders. Piyush Goyal gave out a full report card of the NDA government, giving a clear account of growth and development that has taken place in the country.
"I rise to present the interim budget for the year 2019-2020. The people of India gave a strong mandate to our government. Under the visionary leadership of honourable Prime Minister Shri Narendra Modi, we have given the most decisive, stable and clean government. It has undertaken transformational and structural reforms. We have reversed the policy paralysis engulfing the nation and have restored the image of the country. This government boosted the confidence of the nation. I can proudly say that India is solidly back on track and is marching towards growth and prosperity. We have prepared the foundation for sustainable growth, progress and better quality of life".
Talking about the vision 2022, he said:
"We are moving toward realising a new India by 2022 when we celebrate 75 years of Independence, an India which is clean and healthy and where everyone would have a house with universal access to toilets, water, electricity. Where farmers income would have doubled. Youth and women would have ample opportunity to live their dream. An India free from terrorism, communalism, casteism, nepotism and corruption."
He then gave out the current state of the economy: "The last five years have seen India being universally recognised as the bright spot of the global economy. The country witnessed its best phase for microeconomic stability during this period", he said.
We are the fastest growing major economy in the world today with an average GDP growth during the last five years higher than the growth achieved by any government since the economic reform began: Piyush Goyal
From being the 11th largest economy in the world during 2013-14, we are now 6th largest in the world : Piyush Goyal
Besides generating high growth rate, we contained double-digit inflation and restored fiscal balance. Inflation is a hidden tax and an unfair tax on poor and middle class: Piyush Goyal
"This was lower than the inflation during the tenure of any other government. If we would not have controlled it then our families would spend 30-40% more", he added.
Current account deficit:
India could attract a massive amount of foreign as much as 239 billion was received as FDI: Piyush Goyal
"This period also witnessed a rapid liberalisation of FDI policy by allowing most FDI automatically. We have undertaken path-breaking structural transformation by introducing GST and banking reforms and bankruptcy code. Our government could have the courage to ask RBI to look into the situations of banks and give the report publically. We stopped the culture of phone banking", he concluded.