Government says GDP growth set to take off: Top highlights

We won't cross 4 percent inflation. India is defined by low inflation these days, says Arun Jaitley

New Delhi: Finance Minister Arun Jaitley addressing the media on Tuesday said that the economy is on an upswing and fundamentals remain strong still.

Here are key points mentioned by Finance Ministry officials:

• Macro-economic fundamentals remain strong.
• We won't cross 4 per cent inflation. India is defined by low inflation these days.
• Current account deficits are very well-known and are very low. It is in safe range of less than 2 per cent.
• Talking at the press conference, Subhash Garg from Ministry of Finance said, "GDP growth story is heartening despite recent blip. Average of 7.5 per cent seen in last few years. There was a blip with GDP at 5.7 per cent but we are convinced it has flattened out."
• He added that a number of indicators point out that the economy is turning around. This quarter numbers, when they come out, will show we are back on strong growth path.
• Total govt expenditure this year is Rs 11.47 lakh crores till September 2017. This is out of Rs 21.46 lakh crores. It is an increase of Rs 1.2 lakh crores over last year.
• Under BharatMala project, 34,800 kms to be connected and Rs 5,35,000 cores will be invested.

• About 2000 km of coastal roads will be constructed in first phase of #BharatMala: Ashok Lavasa,Finance Secretary pic.twitter.com/MInqcrM9rD

  — ANI (@ANI) October 24, 2017

• Focus is also on point-to-point expressways, border connectivity and international connectivity.
• 
• Over Rs 44,000 crore to be invested for roads in Maoist-affected areas.
• Process of catalyzing private investment has begun. Banks are being prepared for take off.
• Post systematic Asset Quality Review, stressed assets have been recognized as Non-Performing Assets.
• Various capital infusion measures taken by Govt. to ensure health of Public Sector Banks.
• Increased provisioning done by PSBs to cover expected losses, improving banks' health.
• Cabinet has approved an unprecedented PSB capitalisation plan of Rs. 2 lakh 11 thousand crores.
• Public Sector Banks will catalyse private investments.