Total BUDJET briefly copy and speech copy
Madam Speaker,
I rise to present the Interim Budget for the year 2019-20.
PART A
2. I am deeply conscious of the absence of Shri Arun Jaitley today.
I am sure the House joins me in wishing Shri Jaitley speedy recovery, good
health and a long life in the service of the nation.
3. Madam Speaker, the people of India gave a strong mandate to our
Government. Under the visionary leadership of Hon'ble Prime Minister Shri
Narendra Modi, we have given the most decisive, stable and clean
Government and have undertaken transformational structural reforms. We
have reversed the policy paralysis engulfing the nation and have restored the
image of the country. The major achievement of this Government was that we
strived our utmost to change the mind-set and ignited the self-confidence of
the nation.
4. I can proudly say that India is solidly back on track and marching
towards growth and prosperity. We have prepared the foundation for
sustainable growth, progress and better quality of life for all our people
5. We are moving towards realising a ‘New India’ by 2022, when we
celebrate 75 years of India’s independence: an India which is clean and
healthy, where everybody would have a house with universal access to
toilets, water and electricity; where farmers’ income would have doubled;
youth and women would get ample opportunities to fulfil their dreams;
an India free from terrorism, communalism, casteism, corruption and
nepotism.
State of the Economy
6. Madam Speaker, the last five years have seen India being
universally recognised as a bright spot of the global economy. The country
witnessed its best phase of macro-economic stability during this period.
We are the fastest growing major economy in the world with an annual
average GDP growth during last five years higher than the growth achieved by
any Government since economic reforms began in 1991. From being the
11th largest economy in the world in 2013-14, we are today the 6th
largest in the world. Besides generating high growth rate, we contained
double-digit inflation and restored fiscal balance.
7. Inflation is a hidden and unfair tax on the poor and the middle
class. The average rate of inflation during 2009-2014 was a backbreaking
10.1%. The then Prime Minister admitted as much when he said, “We
have also not been as successful in controlling persistent inflation as we
would have wished. This is primarily because food inflation has increased.”
In contrast, our Govt. broke the back of back-breaking inflation. We brought
down average inflation to 4.6% which is lower than the inflation during
the tenure of any other Government. In fact inflation in December 2018
was down to 2.19% only. If we had not controlled inflation, our families
would have been spending around 35-40% more today on basic
necessities such as food, travel, consumer durables, housing etc.
8. From the high of almost 6% seven years ago, the fiscal deficit has
been brought down to 3.4% in 2018-19 RE. The current account deficit
(CAD), against a high of 5.6% six years ago, is likely to be only 2.5% of
GDP this year. We contained the fiscal deficit notwithstanding the Finance
Commission's recommendations increasing the share of the States from
32% to 42% in central taxes, which we accepted in the true spirit of
cooperative federalism, thereby transferring significantly higher amounts to
the States.
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