Union Minister Arun Jaitley has said, 7.7 per cent economic growth in the fourth quarter of 2017-18 firmly established India as the fastest growing major economy in the world.

In a Facebook post, he said those who predicted a 2 per cent decline in GDP growth have been proved wrong. Arun Jaitley pointed out that the economy rewards structural reforms, fiscal prudence, and macro-economic stability.

In an article titled ‘The Economy and the Markets Reward Structural Reforms and Fiscal Prudence’, Union Minister Arun Jaitley makes it clear that the Modi government’s policies have established India as the fastest growing global economy, with the high GDP growth rate of 7.7 percent likely to continue for a few years. His article hits out at some earlier Finance Ministers who had predicted a 2 percent decline in GDP growth after demonetisation, saying they had been proved wrong.

He contends that all structural reforms, social sector schemes and rural development programmes over the last four years, have resulted in high government spending which has promoted growth.