Economic Survey highlights the mess we inherited: Goyal
Jul 09 2014 , New Delhi
"A robust economy with euphoric investor sentiment that NDA left in 2004, has been brought down to a faltering economy with a gloomy outlook," Goyal tweeted.
He said the Economic Survey 2013-14, which was tabled in the Parliament today by the Finance Minister Arun Jaitley, lucidly highlights the "mess we inherited."
"We left office in 2004 with 8 per cent GDP growth and are now inheriting 4.5 per cent and 4.7 per cent growth, in the last two years," Goyal said adding that the industrial sector growth has been poor.
Industrial sector grew 0.65 per cent in financial 2013-14 as compared to 7.3 per cent when we left (financial year 2003-04).
The job creation record in the last decade is dismal, he said.
"Between the year 2000-2005, 6 crore jobs were created as against 27 lakh jobs created in 2005-10. This has stalled economic progress and well-being of the common man deeply," Goyal Tweeted
Goyal said that Prime Minister Narendra Modi-led government will work towards restoring confidence.
"Our efforts will be towards restoring confidence and bringing prosperity to every Indian," he said in his tweet.
Drawing focus to the huge per capita debt of the country, Goyal said this figure has quadrupled from Rs 4,800 in 2003-04 to Rs 20,500 now.
The ramifications on our future generations, who will be saddled with this debt-burden, are alarming, he added.
Goyal said the National Democratic Alliance (NDA) government headed by Atal Bihari Vajpayee left food inflation at 1.3 per cent in 2003-04.
"We left at 1.3 per cent food inflation in 2003-04; now inherited back-breaking double digit food inflation & staggering prices for essential items," he said.
NDA demitted office with 3 yrs of Current Account Surplus ($ 14.1 billion in 2003-04) whereas we are inheriting a (Current Account) Deficit of $ 32 billion, he said.
The forex volatility has spooked the business and investor community, he added.
"Forex reserves tripled under NDA whereas it has stayed practically flat under UPA (United Progressive Alliance), for the last 5 years," he said in a series of tweets.
"The scale of mismanagement of both internal and external sectors has bode ill for every aspect of the economy and every citizen of India," he said.
This trend will have to be reversed, by our government, once and for all, Goyal added.