He attacked the Congress-led UPA government for misuse of the economy, which the Modi administration justified.
Finance Minister Nirmala Sitharaman said on Wednesday that India has an investment grade rating and does not see the rating fall due to higher spending.
Responding to a debate in the Rajya Sabha on Finance Bill 2021, he cited low inflation, high GDP growth, record foreign investment and low fiscal deficit to handle his government’s economy.
He attacked the Congress-led UPA government for leaving the “mess” and showing the economy the wrong way which the Modi administration justified.
He said that the measures taken by the UPA in response to the 2008 global financial crisis led to high inflation and ‘tantrums’.
Ms. Sitharaman further stated that the average growth of GDP between 2014 and 2019 was 7.5% as compared to 6.7% during 2009 to 2014.
Similarly, during the five-year reign of the UPA, consumer price inflation was 10.3%, while it was 4.8% during 2014–19.
He said that the fiscal deficit during 2014-14 was 3.65% of GDP, compared to 5.3% in the last five years, adding that the current account deficit also improved from (-) 3.34% to (-) 1.43%. is.
He said that the foreign exchange reserves have increased from US $ 303 billion in 2014 to US $ 411.9 billion. He said that by March 2020, the NPA or bad debt has come down to 8.99 lakh crore.
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