Finance Minister Arun Jaitley on Thursday said within months GST will be stabilised and hoped that India will be become fastest growing economy in the world in two years. In his reply to the Budget 2018 in lok Sabha, Jaitely said Congress should introspect how it created problems in agriculture and jobs.
He said the Modi Government remains committed to fiscal prudence and demonstrated it by bringing down fiscal deficit from 3.9 per cent. Chaos started from the beginning when the Finance Minister started speaking due to the demand of Congress MPs persisted for the "need of transparency" in the Rafale deal.
Jaitley targeted Congress, questioning the party if it took any measures to tackle the challenges faced by the Indian economy. While quoting IMF data, Jaitley said India will become fastest growing major economy in the world in two years."Within a matter of months, we have been able to stabilise GST; we reduced rate with increase in revenue," said Jaitley.
"No structural reforms were undertaken between 2003 and 2013; lagging behind in enforceability of contracts, land acquisition & municipalities," said Jaitley.
He also said the economic data is not subjective and India's GDP highest in the world in 2014-15, 2015-16 and 2016-17. Talking about long term capital gains (lTCG) tax on equities introduced by the Government in the latest budget, the Finance Minister said that this tax didn't upset the stock markets. "Budgetary provisions are relief to the middle class," he also added.