7,00,000 crore stimulus to the economy

Highlights of the presentation:

• India continues to be an economy with strong macro fundamentals.

  • Consistent inflation control.
  • Current account deficit is 0.7% which is under the safe limit of 2%
  • Forex reserves amount up to an all-time high of $400 billion.
  • Fiscal deficit currently stands at 3.5%.
  • GDP of the country has lost some strength and has come down to 5.7% over the last quarter. However, as IMF has predicted, Indian economy will soon catch up.

• Transformative steps were taken by the government

  • GST, goods and services tax
  • Disinvestment targets
  • Increased public infrastructure spending with targets exceeding by almost 30% over the last year.
  • Bankruptcy law

With the economy in the strong state and the steps taken by the government in the right direction, the government decided to give it a fillip.