Budget 2016: We turned challenges into opportunities says FM Arun Jaitley

NEW DELHI: Finance Minister Arun Jaitley today said the BJP-led NDA government converted low economic growth and zero investor confidence which it inherited into opportunities as India's GDP has now zoomed to 7.6 per cent.

"Let us look at our achievement compared to last three years of the previous government when the growth had decelerated to 6.3 per cent. The growth of GDP has now accelerated to 7.6 per cent," he said during the presentation of the Budget 2016-17 proposals in the Lok Sabha.

Announcing the proposals at a time when the global economy is in a "serious condition", Jaitley said the government has brought back the economy to a high growth trajectory and India has been able to held its "ground firmly".

"Thanks to our inherent strengths and the policies of this government, a lot of confidence and hope continue to be built around India," he said.

"We accomplished this despite very unfavourable conditions and despite the fact that we inherited an economy of low growth, high inflation and zero investor confidence in the government's capability to govern. We converted these difficulties and challenges into opportunities."

Jaitley said 7.6 per cent GDP growth was possible notwithstanding the contraction of global exports by 4.4 per cent compared with 7.7 per cent growth during the last three years of the previous government.

The Economic Survey has pegged the economic growth at a conservative level of 7-7.75 per cent for the next fiscal.

The government's initiatives in the last 21 months have not only placed the economy on a faster growth trajectory, but have "bridged the trust deficit" created by the previous government, Jaitley said.

"We had to work in an unsupportive global environment, adverse weather conditions and an obstructive political atmosphere," he added.