New Delhi: Union Minister Arun Jaitley on Monday said that India was 'firmly' established as the fastest growing major economy in the world, thanks to the 7.7 per cent economic growth in the fourth quarter of 2017-18.
He also said that this trend is expected to continue for some years. Jaitley took a dig at the critics of the government, saying the GDP has not declined by 2 per cent on account of demonetisation and GST implementation, nor will India live in poverty as predicted by former finance minister.
"With structural reforms like demonetisation, the implementation of the Goods and Services Tax and the enforcement of the Insolvency and Bankruptcy Code, we had two challenging quarters. Those who predicted a 2 per cent decline in GDP growth have been conclusively proved wrong," he said in a Facebook post.
"A distinguished predecessor of mine feared that he may have to live his future in poverty. We have enabled every Indian to be a part of the world's fastest growing economy. The future looks much brighter than the past. This trend is likely to continue for some years," he said.
"The fourth quarter results of GDP data showed a phenomenal 7.7 percent growth rate and has established India firmly as the fastest growing global economy. This trend, according to experts, is likely to continue for the next few years," he said.
Former PM Manmohan Singh had predicted that the GDP will fall by 2 per cent due to demonetisation, while former finance minister Yashwant Sinha had said that Modi government's policies will make people poorer.
Replying to another former finance minister who had suggested that the government should cut the tax on oil by Rs 25 per litre, Jaitley said: "He never endeavoured to do so himself. This is a 'Trap' suggestion. It is intended to push India into an unmanageable debt - something which the UPA Government left as its legacy."
"We must remember that the economy and the markets reward structural reforms, fiscal prudence, and macro-economic stability. They punish fiscal indiscipline and irresponsibility. The transformation from UPA's 'policy paralysis' to the NDA's ' fastest growing economy' conclusively demonstrates this".