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‘Global factors, not demonetisation, responsible for GDP downtrend’

SNS | New Delhi |

A day after India’s economic growth was put at 6.1 per cent for the January-March quarter (Q4) of 2016-17, Finance Minister Arun Jaitley on Thursday came to the rescue of the Narendra Modi regime by highlighting key achievements of his ministry in the last three years.

Interacting with the media in New Delhi, Jaitley held global factors responsible for the downtrend of the GDP, which, according to him, were visible prior to demonetisation that came into force on 8 November 2016.

“Several global factors have led to the slowdown of GDP that began prior to demonetisation happened. We have restored the credibility of Indian economy,” Jaitley said on Thursday.

Some takeaways from Jaitley’s media interaction

Demonetisation was a greater move towards digitisation and has increased the cashless economy.

Cumulative factors responsible for decline in GDP in Q4 of 2016-17. Slowdown in the economy was visible even prior to demonetisation was announced on 8 November 2016.

No plan to delay GST. The government is in full preparedness for rolling out the GST.

Revenue increased by 18 per cent in 2016-17.

GDP growth between seven per cent and eight per cent fairly reasonable by global standards.

Took initiatives to reduce scope for corruption and discretion in governance.

The Civil Aviation Ministry will have to explore mechanism for privatisation of Air India.

Resolving NPAs, encouraging private sector investment major challenges before the government.

Resolution of ‘One Rank, One Pension’ and unveiling of New Defence Procurement Policy.