Union Minister of State (MoS) Piyush Goyal today said the Narendra Modi government is only pro- poor and not pro-government or pro-business. The government wants to see its development policies reach the last man at the bottom of the pyramid, he said at an India Today event today.The minister said when Atal Behari Vajpayee was the prime minister, the economy which he inherited was suffering, but after that, in 2003-04 economic growth reached unprecedented level. “When the government left the economy was at 8.4 percent, inflation was at 4.2 percent, current account surplus for three years and fiscal deficit at 3 and 1/2 percent” he said.
The minister further said that the UPA 1, after coming to power was able to enjoy those benefits between 2004 and 2007-08, but after that started getting difficult for them and they collapsed under their performance. “As they say, when times are tough you can differentiate between man and a boy. They were not even boy, they were infants or toddlers”, he said.
Further slamming the previous UPA government, the minister told the channel, “they let fiscal deficit fly from 2.9 percent to 6.1 percent and inflation was in double digit”. Pointing out that between 2004-2009 the UPA-1 was able to show unprecedented growth because of the legacy they got.
“In 2010-11 the problems that they created started coming to the fore. The world started seeing this kind of indiscriminate bank lending, this kind of profligate spending and this kind of absolute fiscal mismanagement that cost the country so dear that in 2010-11 and 14 the country’s economy slowed,” the minister further told the channel.
— India Today (@IndiaToday) May 21, 2017
Speaking at the event, the minister also said that the distribution companies (discoms) in states like Uttar Pradesh and Rajasthan may become profitable by next year. He added that when Vasundhara Raje government took charge in Rajasthan, the state discoms had losses of Rs 15,000 crore, PTI said.
The losses have been whittled down to half and by 2018, the discoms would be in profit, the minister expressed confidently, the agency added further.