NITI Aayog Vice Chairperson Rajiv Kumar on Sunday said all macroeconomic parameters had significantly improved in four years of the Narendra Modi-led government, PTI reported. Kumar told the news agency that government had improved growth, and controlled inflation and the fiscal deficit.
“In 2014, the economy was in decline, and the non-performing assets of banks had risen already, Kumar told the news agency. “Plus there was a complete policy paralysis, the government was at a standstill. With that kind of legacy, it is quite miraculous that we have come to where we are at this moment in terms of macroeconomics.”
The Bharatiya Janata Party has held rallies across the country to mark its fourth anniversary in power. Modi had attacked the Congress on Saturday for “not doing anything” when it was in power. “It is important to remember the problems the nation was facing four years ago, the atmosphere four years ago,” Modi said. “It is important to remember how much the family, which ruled the nation for 48 years, cared for it.”
Kumar said on Sunday inflation had now reduced, foreign exchange reserves were high, fiscal deficit in control and growth had accelerated. Kumar said the Modi government has made growth hugely inclusive.
Kumar, however, said the Centre still faces the challenges of reducing non-performing assets, improving the relatively better current account deficit and focusing on dealing with oil prices. Kumar said: “Oil prices, which had given us comfort, have increased, which means that we will have to look at macroeconomics all over again to make sure that we can sustain the growth rate, which I think we will be able to do.”
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