New Delhi [India] June 1 : A day after the government released the Gross Domestic Product (GDP) figures for the last quarter, Union Finance Minister Arun Jaitley speaking on the completion of three years of the Modi Government expressed concern over slowdown in global trade, protectionism and geo-political uncertainties, adding that the current government has restored the credibility.
"Last three years were challenging for the entire world on economic front. Trade has decreased across the world and this has impacted the exports. We have restored the credibility of the Indian economy through decisiveness and tough policies," Jaitley said while addressing the media.
He added three years ago, there was slowdown in policy reforms and structural changes in India. "The system we inherited was weak in terms of credibility mainly due to corruption and indecisiveness.
The government has taken tough steps to root out corruption," Jaitley asserted. He said the reforms also ensured that India became the biggest recipient of Foreign Direct Investment (FDI).
On demonetisation, Jaitley said it helped quash the parallel economy in the country. "The message has gone out that cash is no longer safe as the cashless economy became the new normal," he added.