New Delhi: Presenting the Interim Budget for 2019-20 in the Lok Sabha, Finance Minister Piyush Goyal today said India has emerged as the brightest spot in the world in the last five years. During this period, the country witnessed the fastest GDP growth higher than under any previous governments.
The Finance Minister said India has been recognised as the brightest spot in the world in last 5 years.
Modi-led NDA government contained double digit inflation and has broken the back of high inflation, he added.
Goyal said the fiscal deficit will be at 3.4% of GDP this year. The present account deficit is likely to be 2.5 per cent of GDP this year. India attracted USD 239 billion in foreign direct investment (FDI) in the last five years, he said, adding that the government has liberalised FDI thus allowing more investment through automatic route.
He also said the Modi-led government by introducing GST and other reforms had undertaken a path-breaking reforms and that it has been able to rein inflation.
“If we had not controlled inflation, our families would have been spending 35-40 per cent more on daily use items,” Goyal stated.