‘Positive impact to be seen in long term’

Finance Minister Arun Jaitley on Thursday assured that the positive impact of the economic measures being taken by the government would be seen in the medium to long term.

The minister, in a debate ‘short-term discussion on the state of economy’ in the Rajya Sabha, said the coming generations would remember this government for creating a new economic history of the country.

Members of Opposition parties, especially those from the Congress, attacked the government, saying unemployment was growing and all key economic parameters had witnessed a decline in the past three-and-a-half years.

Countering the charges, the senior minister mentioned containing of inflation, recapitalisation of public sector banks and GST rollout as major policy initiatives of the Narendra Modi-led government.

“All the steps we have taken, we have also paid price in the short term. But I want to tell you that in the medium and long term, these steps would be seen on the economy of the country and coming generations will remember that due to these steps a new economic history of the country has been written,” Jaitley said.

On concerns being raised over the GDP growth decline post-note ban, the minister said although the country’s economy grew at a rate of 7-8 per cent, people aspire for more.