NEW DELHI: Finance Minister Arun Jaitley is holding a press conference at National Media Centre in New Delhi. Addressing the media, Jaitley said that there has been discussions and reviews of the economy in the past few weeks within the ministry. He added that India has been the world’s fastest-growing large economy for the past three years.
Arun Jaitley says between 2008 and 2013, public sector banks engaged in indiscriminate lending, which led to the rise in non-performing assets.
In a presentation made at the briefing, Economic Affairs Secretary S.C. Garg said inflation had consistently come down since 2014 and will not cross 4% this fiscal.Finance Secretary Ashok Lavasa said that total government expenditure so far this fiscal had been ₹11.47 lakh crore out of ₹21.46 lakh crore budgeted for this financial year.
PM Modi also said at a rally in Gujarat last week that “the decision to implement the reform was not of PM Modi alone.” He said there were nearly 30 parties that were consulted and involved with the new tax, of whom he singled out one.
“The Congress is an equal partner in GST decisions. They should not spread lies on GST,” he said.Latest available data suggest some 39 listed banks had amassed Rs 8.35 lakh crore worth of non-performing assets.The Rs 2.11 lakh crore package will be spread over two years, Finance Minister Arun Jaitley said.
Macroeconomic fundamentals are strong, there is a need to expand public expenditure through government departments and PSUs, and increase private investment said Arun Jaitley.
7 lakh crore to be invested in road infrastructure over the next five years. Governments’ Bharatmala programme will entail the construction of 34,800 KM of roads.
