While presenting the General Budget 2016-17 in Lok Sabha, the Union Finance Minister Arun Jaitley said that the growth of GDP has accelerated to 7.6% in the current Financial Year. 

This was possible notwithstanding the contraction of global exports by 4.4% compared to 7.7% growth in the world exports during the last three years of the previous Government.  He said that the Global growth has slowed down from 3.4% in 2014 to 3.1% in 2015.

Financial markets have been battered and the global trade had contracted.  Amidst these global events, the Indian economy held its ground firmly, due to the inherent strengths and policies of the present Government.

The Finance Minister Jaitley said that the IMF has hailed India as a ‘bright spot', amidst a slowing global economy.  The World Economic Forum has commented that India's growth is ‘extraordinarily high'.  He said that it could be achieved in spite of inheriting an economy of low growth, high inflation and zero investor confidence in Government's capability to govern.

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