Finance Minister Arun Jaitley on Friday said Indian economy has witnessed significant improvement in macro-economic stability despite uncertain global economic situation. Addressing a meeting of the Parliamentary Consultative Committee attached to the Ministry of Finance on ‘State of Economy’, he said the macroeconomic outcome is evident in the economic recovery. “The economy has witnessed significant improvement in the macroeconomic stability in terms of low levels of inflation, fiscal deficit and Current Account Deficit,” an official statement quoted him as saying at the meeting. India’s achievement of being one of the fastest growing economies of the world is “creditable considering that the global economic situation continues to be uncertain transmitting negative spill-overs, because of which emerging markets and developing economies have, in general, become more vulnerable and fragile.”
He said the current macroeconomic outcome is far superior to that in early 2013-14 when the situation was worrisome in terms of high current account and fiscal deficits with high inflation, high interest rates and low growth. A slew of policy measures and structural reforms during the last 19 months have helped reverse the outlook, Jaitley said adding reforms have addressed the critical problems of stimulating and stabilising the economy.