India could have grown at 5% even without a government: Arun Jaitley

NEW DELHI: Slamming the UPA for 'shattering the enthusiasm' in Indian economy during its ten years of rule, Finance Minister Arun Jaitley on Tuesday said that the NDA government is faced with the challenging task of reviving the economy.

"Enthusiasm in Indian economy was shattered during UPA rule. It is now on us to convert the situation into an opportunity," Jaitley said.

Referring to President Pranab Mukherjee's joint address in the Parliament on Monday, Jaitley said, "The President's speech is the futuristic vision of India; it is government's roadmap for several years."

Mocking at Congress, Jaitley said that the party should introspect after the massive loss. "India has grown at less than 5% in the last two years. This less that 5% GDP growth is disappointing," he said. "India could have achieved 5% growth even without a government," Jaitley added.

Jaitley went on to lament that under the UPA government, poverty has been elevated. "The first right of all resources belongs to the poor," he added.

Jaitley also emphasised the need to focus on social & physical infrastructure. "States need to play a bigger role in clearing large projects," he pitched.

According to Jaitley, investors have again started looking at India after the new government took over. "This is the last opportunity to make India a low-cost manufacturing hub," he stressed.

Prime Minister Narendra Modi-led government, whose agenda was highlighted by President Pranab Mukherjee in the Parliament on Monday, has outlined a series of measures and reforms, which it hopes will help the Indian economy achieve its potential of high growth.

India's economy has been stuck in a rut of low sub-5 percent growth levels and a sticky inflation. The President has said that putting the Indian economy back on track is paramount for the Modi government.

"On the economic front, we are passing through an extremely difficult phase. For two consecutive years, our GDP growth has been less than 5 per cent. Tax collection has declined. Inflation continues to be at an unacceptable level. Thus, putting the Indian economy back on track is paramount for my government," he said in his address to a Joint Parliament session.

"We will work together to usher our economy into a high growth path, rein in inflation, reignite the investment cycle, accelerate job creation and restore the confidence of the domestic as well as international community in our economy," Mukherjee said.

"My government is committed to nurturing the right environment for actualizing this mandate of the people. For this, it pledges itself to the principle of 'Sabka Saath, Sabka Vikas'; which can be fulfilled only through your active participation," the President said.

"We will work together to re-establish the credibility of the institutions of democracy. My government will function on the mantra of 'Minimum Government, Maximum Governance'. In all our actions, we will be guided by the core values of our great civilization," he added.

Mukherjee's address spelt out the government's priorities on various issues ranging from reducing inflation and poverty to rebooting the economy to ensure inclusive growth.