New Delhi, Feb 9 (UNI) Refuting the Congress claims of the economic downturn during the
rule of the NDA, Finance Minister Arun jaitley on Friday said that this government has made
a journey from the 'policy paralysis' during the previous UPA government to an era of structural
reforms.
Replying to a debate on the discussion on the Union budget for 2018-19 in the Rajya Sabha,
Mr jaitley , seeking to respond to charges by the Congress that the Economic Survey has admitted
to the failure of this government to achieve targets in key sectors like education and employment,
Mr jaitley said ,'Because the Chief economic adviser has been fprthright to admit that a lot of
ground need to be covered in three areas, an impression has been created that mistakes
were made during the last four years.
But what is the impact of 55 years of Congress rule. In reality, we have made a journey from
policy paralysis to structural reform, from economy being in fragile five to bright spot, That's a
journey.'
On the Congress claims that the NDA government has not maintained fiscal discipline and
has not been able to stick to its targets on the fiscal deficit, Mr jaitley, reeling out statistics
on the figures during the UPA government, said, 'it is your government that failed to maintain
a high level of fiscal deficit. It breached fiscal discipline. If one refers to the GDP growth
during the UPA regime , in 2012-13 the GDP was 5.3 per cent, and it was 6.3 per cent in
following year .
It was much higher during the NDA rule, barring 5.7 per cent in one quarter. During the UPA,
the fiscal deficit was 4.9 per cent, 4.5 per cent. In comparison, we have had fiscal deficit in
the range of 3 to 3.5 per cent. Fiscal deficit slippage is statistical primarily due to shortfall
of GST revenue of one month in current fiscal,'
Making comparisons of the revenue deficit during the UPA rule with that during the present
government, mr jJitley said that while the revenue deficit during the UPA was 4.9 per cent, 3.7 per
cent and 3.2 per cent during the last three years, it was 2.7 per cent, 2.5 per cent and 2.1 per cent
during the three years of the NDA rule.
On the Conrgess charge of the NDA cutting allocation for many sectores in the budget,
he said that ,'we have ended up spending more than the money allocated in the budget and yet have been
able to maintain the required fiscal deficit target. In each of our years, the revised estimates have been
more than the original estimates.'
He said that Rs. 55,000 crore had been allocated for MNREGA and Rs. 1.7 lakh crore for food subsidy.
'. Spending on rural roads is up manifold,'he said.
On the Congress opposiiton to Aadhaar, Mr jaitley said,'It's not yet sure whether the UPA was for or
against Aadhaar.'
On Mr. Chidambaram asking why corporate tax was made 50 per cent, mr jaitley said that it was Mr Chidambaram who, as finance minister during the UPA, mooted the idea of corporate tax areguing that it would lead to creation of jobs
,'I was extremely stunned when Mr. Chidambaram asked why corporate tax was made 50 per cent. It was Mr Chidambaram who mooted the idea of a 25 per cent corporate tax . The logic given was that companies will be able to invest more which will lead to job creation,'Mr jaitley said.
On the Congress charge that the budget did not give any relief to the salaried tax payer, he said this
sections had been given relief of Rs 8000 in tax through a standard deduction olf Rs 40000.
'Salaried class is an honest taxpayer. In the coming days , one will see a increase in the levels
of standard deduction,'he said.
On announcement of the 150 per cent of crop produce as MSP for farmers, he said that it would benefit
the farmers as it would serve as a benchmark for the future.
On the health insurance scheme announced in the budget, he said that in the coming days, his government would work towards fulfilling the scheme.
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