India, from 'fragile five' to 'bright spot' in global economy
What's the story
Union Minister Arun Jaitley today, in his Facebook post, said that the Modi government has provided a "scam-free" governance during the last four years, and the country has transformed from being a part of the fragile five' to the "bright spot" on the global stage.
The focus of the government will now be on consolidation of the initiatives taken in the past, Jaitley wrote.
Natural leader
PM is a natural leader of both BJP and India
In a post titled "My Reflections on the NDA Government after Completion of Four Years in Power", Jaitley said the preceding ten years of the UPA rule had witnessed the most corrupt government since Independence.
"Unlike the UPA, the PM is the natural leader of both BJP and India," wrote Jaitley.
He said India has witnessed a journey from indecisiveness to clarity and decisiveness.
Discretions eleminated
Social and geographical base expanded, discretions eliminated
"Good governance has made BJP more confident, its geographical and social base has expanded. The Congress is in desperation without the perks of office," Jaitley said.
He said Modi has institutionalized a system where discretions have been eliminated.
"Allocations of contracts, natural resources, spectrum and other Government largesse which were being distributed through discretions, are now allocated through a market mechanism," he added.
Laws changed
Environmental clearance files don't pile up
"Laws have been changed. Environmental clearance files don't pile up. FIPB has been abolished," Jaitley said.
He said India has to transform from a tax non-compliant society to a tax-compliant society.
"The enactment and implementation of the GST, demonetization, effective tax compliance are all steps which are formalizing the Indian economy. The Insolvency and Bankruptcy Code has changed the lender-creditor relationship," he said.
Global tailwinds
When global situation became challenging, UPA's performance collapsed: Jaitley
Jaitely said in its initial years when the world economy was booming, India grew on the strength of global tailwinds.
He added that when the global situation became challenging, the UPA's decisiveness and performance collapsed.
However, from the very first year of NDA, India is the world's fastest-growing major economy with the highest GDP growth rates, he said.
Fiscal deficit down
NDA brought down fiscal deficit to 3.5%
"The NDA, year after year, has brought the fiscal deficit down to 3.5% and shall, this year, try and deliver a 3.3% fiscal deficit," Jaitley said.
The NDA government in the road sector programs has witnessed a 189% increase between the last year of the UPA and the current year of the present government, the Union Minister noted.
Rising Indian economy
Congress President must remember taxes don't go into govt's pockets
Jaitley said the Congress must remember that taxes don't go into the government's pocket.
He said resources are transferred to the states with 42% devolution of taxes, Finance Commission grants, and assistance through CSS schemes.
"Last year of the UPA witnessed Rs. 5,15,302 crore being transferred to the states. This year the proposed transfer is 145% higher at Rs. 12,62,935 crore," wrote Jaitley.