New Delhi, Feb 11 : Countering opposition criticism that the policies of the NDA Government are responsible for the present state of the Indian economy, Finance Minister Nirmala Sitharaman on Tuesday said due to the policies of the Narendra Modi government, the global sentiment towards India is in a very favourable mood.
Replying to a debate in the Rajya Sabha on the General budget, Ms Sitharaman said as a against a double digit inflation and food inflation during the previous UPA Government, the NDA Government has managed to keep inflation well under 4 per cent.
On criticism by the Opposition that the Government has overshot the fiscal deficit target, she said, 'Consistently we have kept fiscal deficit well within the limits as compared to the numbers before 2014. There is no way that capital expenditure is coming down. We have maintained this fiscal discipline. We are managing both and that is the discipline that should be recognised." The Finance Minister said green shoots of recovery were visible with a rebound in industrial activity and GST collection crossing Rs 1 lakh crore-mark in six months of the current fiscal. Listing the steps taken by the Government to bring the economy back on track, she said, "The nominal GDP has increased to Rs 2.9 trillion. Inflation has been at 4.5 per cent. Central government's liabilities have come down. The global sentiment towards India is at a very favourable mood. The net FDI flows is $24.4 billion. We've announced a national infrastructure and we are sure that 1 lakh crore can be taken for spending in infra. IIP numbers have registered a growth.
PMI and PMI services have increased. Forex reserves have been built. Gross GST revenue generation is consistently improving. There's a positive confidence on the Indian economy and the BSE Sensex increased. More than this, repo rate cuts are giving a positive growth." (UNI)