India, fastest-growing major economy, trend likely to continue: Jaitley
What's the story
Union Minister Arun Jaitley said that 7.7% economic growth in the fourth quarter of 2017-18 "firmly" established India as the fastest-growing major economy in the world and the trend is likely to continue for some years. Jaitley said that India's GDP has not declined by 2% due to demonetization and GST, nor will India live in poverty as predicted by a former Finance Minister.
Quote
Here is an excerpt from Jaitely's Facebook post
"With structural reforms like demonetization, the implementation of the GST and the enforcement of the Insolvency and Bankruptcy Code, we had two challenging quarters. Those who predicted a 2% decline in GDP growth have been conclusively proved wrong," Jaitley said in a Facebook post.
Bright future
The future looks much brighter than the past: Jaitley
"A predecessor of mine feared that he may have to live his future in poverty. We have enabled every Indian to be part of the world's fastest-growing-economy. The future looks much brighter than the past," Jaitley said. Ex-PM Manmohan Singh predicted the decline of GDP by 2% due to demonetization, while former Finance Minister Yashwant Sinha said Modi government's policies will make people poorer.
Tax on oil
Cutting oil-tax by Rs. 25/liter will lead India to unmanageable-debt
On former Finance Minister Chidambaram's suggestion that the government should cut oil tax by Rs. 25/liter, Jaitley said, "This is a Trap suggestion. It will push India into an unmanageable debt something which the UPA-Government left as its legacy." The senior Congress leader claimed it was possible for the Center to cut oil-tax upto Rs. 25/liter but the Modi government will not do so.