Global economic impact not a roadblock for India: FM

Finance Minister Arun Jaitley during his fourth budget speech praised India and its economic performance instead of adverse global condition.

He mentioned during his speech mentioned, “Our mission is to bring rans formative shift to policy-based governance”. In spite of falling crude price fall and the US Fed rate hike, India continued to grow steadily without compromising the inflation of the country.

Due to increased interest rate by US Fed, foreign investment would see a drop, hence country should focus on the strength and eradicate weaknesses of the country, he said.

“The country has seen transformative shift in governing the country in last two and half years,” the FM said. “We have moved from a discretionary administration to a policy-based administration” he added.

“Demonetisation seeks to create a GDP that is bigger, cleaner and real,” he mentioned during his speech.

On the other hand forex reserves has also gone up to $360.77 bn. The current account deficit also from 1 per cent in the previous year to 0.3 per cent now.Country's inflation has been dropped from as high as double digit to lower single digit.

He mentioned that “growth in a number of emerging economies is expected to recover in 2017.”