Arun Jaitley gives report card for one year

New Delhi: Rejecting all the claims of a slowdown in the government’s reforms agenda, finance minister Arun Jaitley on Thursday said that the economy was in a recovery mode with inflation and fiscal deficit under control and despondency giving way to a positive environment. “Economy is in a recovery stage, inflation is under control, growth appears to be much better, fiscal deficit, current account deficit appears to be under control,” Mr Jaitley said, addressing media personnel.

Highlighting the achievements of the government on the economic front, Mr Jaitley said the services sector is expanding, infrastructure spending has incr-eased and most of the laws that aim to imp-rove the management of the economy have been passed in Parliament. He said the just concluded Budget session of Parliament has been “productive” in carrying forward the economic reform process.

Among the bills passed by Parliament in the budget session, he counted the insurance Bill, coal Bill, mining Bill and black money Bill as prominent ones. However, the government was forced to send the land acquisition Bill and GST Bill to committees under pressure from the Opposition. “If there are some good any suggestions from the  joint committee of Parliament (on land acquisition Bill), they are always welcome. Having experimented with various dialogues with the regional parties and the other opposition parties, I think the joint committee will be the fastest route possible,” said Mr Jaitley.

He warned people with black money abroad to comply with the new black money law and declare their illicit wealth during the amnesty period “to save themselves from future problems”. Mr Jaitley said that he was sure that select committee of the Rajya Sabha will also give overwhelming support to the GST. Mr Jaitley said that with the exception of the AIADMK which has some issues, every other political party is supporting the GST Bill and “I think this seems to be a good sign.”

He said that states are right now comfortable with the Central government due to various steps taken by the Narendra Modi government including giving more funds to them as recommended by the 14th Finance Commis-sion report. The GST Bill, after its passage in Parliament, also requires the approval of more than half of the 29 states. Mr Jaitley said the government would have to work overtime to meet the launch deadline. “I am still hopeful, in fact very hopeful, that we will be able to achieve this,” he said.

On FDI in multi-brand retail, Mr Jaitley said that everyone knows that the BJP has been opposed to it.  In the consolidated FDI press note issued on Wednesday, DIPP had not changed the UPA government policy of allowing FDI in multi-brand retail. “Our political stand is very clear we are not in its (FDI in multi-brand retail) favour , but right now DIPP has maintained its old policy. The political stance of the party in the power is concerned; everybody knows we have not been in favour of it,” said Mr Jaitley.