Govt has put derailed economy back on track in one year: Narendra Modi

New Delhi, May 26: The government has put the derailed economy back on track, contained inflation and improved investor confidence in the last one year, Prime Minister Narendra Modi said today while promising to do more in the coming days to meet "high expectations" of people.

"Economic growth has been revived, and (India) is amongst the fastest in the world. Inflation is substantially down. Fiscal prudence has been restored. Confidence is up. Foreign investments have increased.

"This positive outlook is endorsed by major rating agencies and international institutions across the world," he said in an open letter to citizens on achievements of his government on the economic front in the last one year.

The government, he said, has implemented the pending "bold reforms" like decontrol of diesel, raising Foreign Direct Investment (FDI) limit on insurance and defence and is moving ahead to roll out the Goods and Services Tax (GST).

"One year ago, you had entrusted me with the task of building a new India and putting a derailed economy back on track. We have achieved a lot," he said, adding "this is just the beginning.

There is much more to be done and I know your expectations are high." The Indian economy is expected to grow at over 8 per cent in the current fiscal, up from 7.4 per cent in 2014-15.

The fiscal deficit is budgeted to come down to 3.9 per cent of the GDP this fiscal, from 4 per cent a year ago.

PTI