Budget 2019: Govt broke the back of high inflation, says Piyush Goyal

Finance Minister Piyush Goyal | Photo: @ANI

Finance Minister Piyush Goyal Friday said the government has been able to contain double digit inflation and has restrained the "back-breaking" inflation to an average 4.6 per cent.

Presenting the Interim Budget 2019-20, Goyal said during the previous UPA government (2009-14), inflation averaged as high as 10.1 per cent.

"This was primarily because food inflation increased (during 2009-14). In contrast to that, our government broke the back-breaking inflation. We have brought down average inflation to 4.6 per cent, which is lower than the inflation during the tenure of any other government," Goyal said in his Budget speech in Parliament.

He also said that the inflation came down to as low as 2.19 per cent in December 2018.

"If we would not have controlled inflation, our families would have spent 35-40 per cent more today on basic necessities such as food, travel, consumer durable and housing," he said.


Stating that the government had "undertaken path-breaking structural reforms by introducing GST and other reforms", he said that the NDA government has been able to rein in inflation.

Goyal said, India has been recognised as brightest spot in the world in last five years.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel