Real estate experts forecast a market downturn throughout the country next year, although some see a chance of an increase in prices in the capital area,
With even BJP ex- Finance Minister Yashwant Sinha speaking about the economy being on a downward spiral due to Jaitley’s actions, who would be suitable as the new Finance Minister for India?
If GDP is the only criteria for economy than Jaitley is the best of all previous FM as Numbers says so.
Under Yashwant Sinha (1999 – 2004) Indian economy slump to lowest patch in 20 years to 4.1% growth rate for 3 consecutive years, and was one of the reason why BJP lost in 2004 even after the Indias most loved prime minister satisfactory term. Yashwant Sinha is now taking out his vendetta against BJP for sidelining him. [Refer the GDP grap data from world bank
Under Congress UPA 2 and Chidambaram,(2009 to 2014) GDP of India was average 6.1% for 3 years from 2011(6.6%), 2012(5.6) and 2013 (6.1%) now same Chidambaram and Congress is blaming Jaitley for just 2 quarter drop to 5.7% come on stop this dirty politics and fooling people and spreading wrong information. there are still 2 quarters left in FY2017 and world economic forums and world bank still projects that India will grow at 7.0 to 7.4 in FY17. [Refer my GDP graph below which is from World Bank]
Under Manmohan Singh: ( 1991 to 1996): Surprisingly, GDP of India was the lowest under MMS, for 4 years from 1991 to 1994
1991 GDP was 1.057%
1992 GDP was 5.07%
1993 GDP was 4.75%
1994 GDP was 6.6%
refer world bank graph
Under Jaitley, BJP government:(2014 to 2017 till date still 2 quarters are pending)
While GDP is is at 5.7% for last 2 quarters, but at the same time all other important parameters of the economy are encouraging and pretty much stable. In last 3 years INR has improved or remained stable. When BJP government took office it was falling very badly. Investments are pouring in, Stock Market is running all time high, overall Inflation has reduced from 10.6 to 4.5 as of today in April to June period, Inflation was negative for first time in 45 years. let us check all the economic parameters one by one under Jaitley, before replacing him let us review his overall term not just last 2 quarters
GDP: I rate 4 out of 5: Overall : I will drop this rating only if annual average GDP growth rate for 2017 drops below 7.0% still 2 quarters to go for financial year.
, has done a commendable job as finance minister so far, last 3 years with , he took to economy from 6.1% in 2013 to 7.5% in 2014 and 8.0% in 2015 and 7.1 in 2016. please refer below data from world bank, I have added blue line as 2017 data is yet not available.
I am marathon runner, I will give you my own analogy from running.
Indian Economy is like a Tall Fat Man, who want to run at faster pace (higher GDP growth rate), want to be healthy physically and mentally(build Strong Economy and reduce the corruption and Tax evading) but this fat man has lots of hurdles like being over weight, weak strength, weak lungs, weak moral (hurdles like high inflation, corruption, low tax collection, black money). With such limitations this Tall Fat Man can only run as fast as 7 KM per hour (GDP 7% annual growth), now to improve the pace to 9 to 10 KM per hour, This fat man need to drop his weight (reduce the inflation)and over come all the above hurdles, build the strength, do breathing cardiovascular exercises, do strength training, follow strict diet to reduce the fats and reduce the fatty food ( (increase the tax collection, reduce black money, implement TAX reforms, recover black money, reduce corruption, reduce tax evading in property taxes and income tax). There will be short-term pace drop once you start so much of activity at one time but In long run you will be capable of running at faster pace. I hope this explains the short-term dip in GDP growth rate that we have currently.
Demonetization, GST and RERA has served as a strict measures to increase the future GDP growth rate at higher pace of Indian Economy
Inflation: 4.0 out of 5: good job so far, reduced 1 point as since last 2 months it is again rising but still low.
Jaitley also did a commendable job to reduced thefrom 10.6% under UPA to 3.7% in 2016, it is has grown a little, but still lower at 4.6%.[you can google and confirm this] In summer inflation as such goes little higher in India and reduces in later part. In June of 2017 Inflation was at lowest 1.54% for the first time. GDP growth rate do not impact every person on day to day basis but inflation does. Has your salary or income reduced ? No it has not, but Inflation rise increase the price of everything that you need on day to day basis. Stop judging economy only on GDP. GDP growth rate of USA is 2.4% that does not mean US economy is not performing.
Budget Deficit: 4 out of 5 — Outstanding Job
Jaitley has also done a great job in cutting the budget deficit by almost 35% from UPA term and meeting his target of 3.5% for FY17, he has target of less than 3% for 2017–2018
Increasing Income Tax collection: 5 out of 5 – Exceptional
Jaitley has done exception job in adding more tax payers,almost doubling the tax payer in just under 4 years. Jaitley will go down in India’s Economic History as one of the most successful FM when it comes to adding more tax payers. before 2014 only 3% of Indians paid Tax, post 2019 which will take it to 7% of total Indian population. What did in 60 years, Jaitley doubled it in Just under 4 years. India need more fund for its development. taking loan from world is going to create more deficit. Indian need to pay more tax, specially the local Indian businesses and shop owners who earn more than taxable limit , even the rich farmers need to be brought under tax. But India is not ready for this kind of reforms, we just need freebies and subsidies which result in poor quality of governance, infrastructure and public facilities.tax payers has increased to 5% and Department of under Jaitley plans to add 1.25 Crore more tax payers until the end of this term in
Jaitley’s Overall score is 4.1 so far In his term.
Droping Jaitley as FM would be as unfair as to drop Virat Kholi for not making century in 2 consecutive series
IF YOU WANT INDIA TO GROW AS A TRUELY DEVELOPED SOCIETY AND NOT JUST DEVELOPED ECONOMY YOU NEED TO LEARN TO SUPPORT STRICT GROWTH REFORMS AND PAY YOUR FAIR TAX TO GOVERNMENT.
EARN MORE MONEY,PAY MORE TAX THATS THE WAY WE AS A COMMON MAN CAN CONTRIBUTE TO COUNTRY. NO NEED OF CHARITY OF ANY RICH WE WANT THEM TO PAY THEIR FAIR SHARE OF TAX.
I am scared to see some people balming FM ,PM and currentGovernment for taking tough action like Demonetization to recover black money and Tax reform like GST for short-term dip in GDP. Some people are sending wrong message to all the , to not to take strict corrective action for better future of India. Indians just love the appeasement, subsidies and freebies even though it means bad governance, social imbalance, poor infrastructure and quality of services.
Important thing is Jaitley has acknowledged the slowdown accepted that big ticket reforms have been mainly responsible as expected and is taking the right action for boosting the economy.
Under Yashwant Sinha, Indian economy slump to lowest patch in 20 years to 4.1% growth rate for 3 consecutive years, and was one of the reason why BJP lost in 2004 even after the Indias most loved prime minister satisfactory term.
Yashwant Sinha, has been sidlined in BJP after Narendra Modi become PM, Yashwant Sinha is takeing his vendetta just looking at slowdown in GDP, when in real GDP is not the only the parameter to measure, Now opposition being opposition has used this timeing for blaming government which is smart on their part but they will have no face next 2 quarter when economy is back on higher than 7% growth rate. World bank and financial world still rates India to put more than 6.5% to 7.5% annual GDP growth rate for financial year 2017.
Read what experts has to say on 5.7% growth rate
JP Morgan Chase CEO: Jamie Dimon
He was recently asked the question about India’s GDP
Q: Since you said this country(India), let me ask you more questions about your impressions on India. You come every year. You came three years back when the current government was sworn in. At the end of three-three-and-a-half years, what is the sense? Has the needle moved?
Jamie Dimon : Yes, it has moved a lot. First of all, you have been growing — I know everyone disappointed here with 5.7 percent and not 7 percent but that is still a lot of growth and of course you should aspire to do 7 or 8 percent or something like that. I think your Prime Minister has done some very smart tough things to do. It is amazing that he has a majority but the tax he has put in place, finishing the biometric, bankruptcy laws, real estate; these are the things that the public say it’s great but they are setting a road to have better growth forever. So, I think it is a great thing and growth is what is going to enable you to look up to your people and do the next round of things like affordable housing, better education etc. You can read the above article from the 11th question onward to understand his view about India’s GDP,economy and deficit