India is world's fastest growing economy, says Jaitley

New Delhi [India], May 26 (ANI): Finance Minister Arun Jaitley on Saturday said that India has become the fastest growing economy in the world under the Bharatiya Janata Party (BJP).
His comments came on the occasion of the fourth anniversary of the BJP-led National Democratic Alliance (NDA) government at the Centre.
In a post, titled - 'My Reflections on the NDA Government after Completion of Four Years in Power', Jaitley said that India has transformed from being a part of the "fragile five" to the "bright spot" on the global economic scene.
"A regime of policy paralysis has been transformed into one of decisions and actions. India, which was on the verge of becoming a 'basket case' has today been transformed into the fastest growing major economy in the world and is likely to hold that position in the years to come," Jaitley stressed.
Stressing on the people-friendly policies, the finance minister said for the first time in history, the poor and the marginalised are holding bank accounts under the MUDRA (Micro Units Development and Refinance Agency) Yojana, the world's largest financial inclusion programme.
"The MUDRA Yojana has made cheaper credit available to the weak and the marginalised. The biggest beneficiaries of this have been women, scheduled castes and scheduled tribes, minorities and other weaker sections. Rural roads with a hugely increased expenditure are a success story," Jaitley added.
Jaitley further said that every village in the country connected by road and electricity, affordable rural housing, toilets and gas connections are expected to change the quality of life in the rural areas.
On the healthcare front, he underscored that the destiny of India's poor will change when 40 percent families living below the poverty line will get a treatment up to Rs. 5 lakhs for hospitalisation at the cost of the government scheme.
Jaitley stressed that the Centre has initiated a number of farmer-friendly programmes for eliminating agricultural distress.
"The Crop Insurance Scheme and the government's decision that farmers must get 50 percent above cost are steps intended to eliminating agricultural distress," he added.
Talking of MGNREGA, the finance minister stated that the Congress-led United Progressive Alliance (UPA) government had sanctioned Rs. 40,000 crores under the programme, but with budget cuts, it spent only Rs.29,000 crores.
Jaitley further said that the expenditure has been doubled under the BJP government.
Under the Food Security Programme, he underlined that the expenditure has been increased to Rs. 1,70,000 crores to ensure cheaper food-grain availability for all.
Jaitley underscored that Prime Minister Modi has institutionalised a system where discretions have been eliminated.
"Discretions lead to abuse of power because they can be misused. Allocations of contracts, natural resources, spectrum and other Government largesse which were being distributed through discretions, are now allocated through a market mechanism. Laws have been changed. Leaders of the industry are no longer seen repeatedly visiting the South Block, the North Block or the Udyog Bhawan. Environmental clearance files don't pile up. FIPB has been abolished," he said.
He also spoke on the various steps taken by the BJP government to re-structure the Indian economy.
"For cleaning up the economy, India has to transform from a tax non-compliant society to a tax-compliant society. The enactment and implementation of the Goods and Services Tax, the impact of demonetisation, effective tax compliance are all steps against black money, steps which are formalising the Indian economy," the finance minister explained.
Jaitley continued that Insolvency and Bankruptcy Code has changed the lender-creditor relationship.
"The creditors no longer have to chase the debtors. If you cannot pay your creditors, you have to exit through a statutory mechanism," he further said.
The Bharatiya Janata Party (BJP) came to power on this day with a brute majority in 2014. (ANI)