Union Minister Piyush Goyal presented the interim budget weeks ahead of the Parliamentary 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. The interim Finance Minister claimed that the country has witnessed its best phase for 'microeconomic stability' during the NDA government.
During his speech, the Union Minister announced that the NDA government has amended upwards the 2018-19 fiscal deficit target to 3.4% from 3.3%, and an overall reduction from 6% in 2014 to 3.4% in 2019.
He said, "The fiscal deficit in 2018-19 would be 3.4% of gross domestic product (GDP), slightly higher than the targeted 3.3%"
Current account deficit:
While elaborating on the fiscal stability of the NDA government, Goyal said that the government will be focusing on "debt-to-GDP" ration consolidation.
He said, "Along with completion of fiscal deficit consolidation programme, we will now focus on debt-to-GDP ratio consolidation."
"We are confident of reaching Rs 80,000 crore divestment target," he added.
Goyal elaborated on the current state of the economy and identified how India is a 'bright spot' for the international economy
He said, "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 macroeconomic stability during this period", he said.
"On behalf of all the people of India and our Government, thank all our taxpayers for their valuable contribution to nation-building and for providing a better quality of life to poor and marginalized," he added.
Earlier on Thursday, Prime Minister Narendra Modi urged all lawmakers to utilise Parliament's Budget Session for having constructive debates. Speaking outside Parliament before the start of the session, the prime minister said there is awareness among the people in the country and all citizens watch the proceedings closely.