Zee Media Bureau
New Delhi: Slamming the previous UPA regime for leaving the economy in bad shape, Finance Minister Arun Jaitley on Tuesday said that investors have again started looking at India after
the new government took over.
Arun Jaitley during his first speech in Rajya Sabha said that things that have been done, have to be undone.
The finance minister reiterated that UPA has left the country in a shambles with low growth and "elevated" poverty and vowed to resurrect the economy with a strong Prime Minister Narendra Modi at the helm.
The government will work for pushing the country's growth which has been stuck at the "disappointing" level of less than five percent for the last two years.
Targeting the former UPA government, Jaitley said it had passed on to the new dispensation an economy of low growth, high inflation, high fiscal deficit and low tax collection.
"The enthusiasm in Indian economy was shattered. Domestic investors were moving out. If there is no investment, there is no job. You have left the country, in your own words, not at poverty alleviation, but at elevated poverty," Jaitley said.
Economic growth slowed to 4.7 percent in 2013-14 and retail inflation stood at a 3-year high of 8.59 percent in April.
Besides, fiscal deficit narrowed to 4.5 percent of GDP in 2013-14 from 4.9 percent in previous year. The current account deficit (CAD), which is the difference between inflow and outflow of foreign funds, dropped to 1.7 percent of GDP in 2013-14 from 4.7 percent in 2012-13.
With PTI Inputs
