Here comes a new blog post from the FM Arun Jaitley elaborating over the need of a decisive Prime Minister..! Who should be India’s Prime Minister..? Should he be constrained by his rival aspirants who have been reluctantly supporting him out of the general opposition or do India need a Prime Minister with a clear mandate as 2014, pondered Jaitley yesterday at New Delhi.
Dividing the economic study of India into two, with 1991 as a cut of line, and reiterating the economic facts past four yaers, Jaitley said that India’s GDP grew by 4.2% per annum. Also, the per capita income grew by 2% each year. “The Consumer Price Index for almost a two-decade period from 1969-70 to 1990-91 rose by 8.2%. The fiscal deficit of the Central Government from 1980-81 to 1990-91 for a ten-year period was an average of 6.5%. Our external debt was 28.7% of the GDP at the end of the pre-liberalization period”, he added.
When PM Modi came to power, India was the tenth largest economy in GDP terms in the world. Presently, the fifth, sixth and seventh economies namely United Kingdom, France and India are within a very narrow range. A marginal fluctuation of currency values alters the size of the economies. India, of course, is projected to grow next year at 7.5% and this will conclusively ensure that India, the end of the next financial year, will probably be the fifth largest economy in the world.
With the kind of transfer of resources to rural India, which has been made in the past five years, a large aspirational class is emerging even in rural areas. “The liberalization of the economy is not only improved but also the millions of people out of poverty and improved the quality of life”, Jaitley asserted.
Sharing the numerical data regarding the GDP and Inflation in India under various reigns, the Finance Minister said that the growth rates are higher. on a large base, it being a multiplier effect to the economy. “During the five years of UPA-2, inflation varied between 12.2% and 8.4%. In 2013-14, the UPA government left behind an annual inflation figure of 9.4%. It takes time for this figure to be moderated. In the five years of Prime Minister Narendra Modi, the inflation figure was 5.9%, 4.9%, 4.5%, 3.6% and 3.9%”, he added.
This is an indication of what the social profile, purchasing power and the quality of life of Indians. “To ensure that this happens as projected, it is a pre-requisite that India needs a decisive leadership, consistency in policy direction and a strong and stable government. An unworkable alliance with Maverick leadership whose longevity is a suspect can never achieve this”, he wildly stated.
India today is the fastest-growing major economy in the world. Still we are not satisfied with a 7 to 7.5% growth rate We are increasingly becoming impatient and want to break the 8% barrier. Ease of Doing Business Rankings for 5 years have improved from 142nd position to 77th position We have now to get into the first 50, if not still lower, he concluded.