Union Finance Minister Arun Jaitley on Sunday said the fundamentals of Indian economy are very strong at the moment.
“Our current account deficit is one of lowest in recent times and inflation is under control,” said Arun Jaitley while speaking at the Indian Chambers of Commerce in Kolkata.
“These are the periods where the global winds are not very friendly,” he added.
He also pointed out that the oil prices have created a situation, where the transfer of wealth is taking place from oil producing economies to oil consuming economies.
“As an oil consuming commodity, we should be comfortable, as the commodity prices are extremely modest,” said Jaitley.
“Even though there is inadequacy in monsoon, by and large the time table and geographic spread is concerned, we are expecting a much better showing as far as agriculture is concerned,” he added.
Jaitley further said that both last year and this year the IMF estimates are that the world is not likely to grow at a rapid pace.
The Finance Minister launched a veiled attack on the Congress for blocking the Goods and Services Tax (GST) Bill in Parliament.
“The last session of Parliament was disappointing but reasonably educative because not only the government in power but most regional parties also supported the GST,” said Jaitley.
“But one political party wanted to use disruption as a tactic to prevent, which otherwise should have been a consensus move,” he added.