Govt laid foundation for sustained growth, better quality of life in last 5 years: Piyush Goyal

The government has laid the foundation for sustained growth and better quality of life in the last five years in its endeavour to make 'New India' by 2022, Finance Minister Piyush Goyal said on Friday as he presented interim Budget in the Lok Sabha.

He spoke about various initiatives to push growth and said India has become the 6th largest economy, jumping from 11th position five years back.

The Narendra Modi-led government has provided stable and clean government over the last five years and "transformational reforms" have been undertaken, Goyal said amid thumping of desks by the ruling benches, led by the Prime Minister.

"We have prepared the foundation for sustained growth and better quality of life," said Goyal, who was pitching in for indisposed Arun Jaitley.

He said the government's endeavour was to realise the 'New India' by 2022, when the country celebrates 75th year of Independence.

Talking about the 'New India', he said it would mean clean country, housing for all, access to clean toilet and clean drinking water, doubling of farmers' income, and an India free from terrorism, casteism and nepotism.

"The last five years saw India being recognised as a bright spot of economy. We are the fastest growing economy," he said.

He said India is witnessing the highest economic growth, "higher than witnessed during any government since the economic reforms".

Besides achieving high growth, the government has controlled and maintained low inflation, "which was back-breaking at 10.1 per cent during the period 2009-14 (of UPA rule)."

He said the inflation stood at 1.19 per cent in December 2018.

"If we had not controlled inflation, our families would have been spending 35-40 per cent more," the Finance Minister said.

Talking about the Fiscal Deficit, he said it was brought down from almost 6 per cent to 3.4 pc in the Revised Estimates of last fiscal.

Current Account Deficit (CAD) is likely to be 2.5 per cent of GDP this fiscal, he said.