New Delhi, Feb 1 (IANS): Finance Minister Piyush Goyal on Friday said the Modi government has reversed the policy paralysis of the past, restored the image of the country and put it on the path of sustained growth, making India the world's fastest growing economy.

Presenting the Interim Budget for 2019, he said the government had "broken the back" of the "back breaking" inflation which was brought down to 2.9 per cent in December and an average of 4.6 per cent which was the lowest than under any previous government.

"If we had not controlled inflation, families would have spent 30 to 40 per cent on food, housing and other things," he said.

Goyal also said that India was the fastest growing economy in the world and the growth rate achieved by this government was the highest by any government since economic reforms were introduced in 1991.

"We are now the sixth largest economy in the world against being the 11th in the past."

Apart from ensuring high growth rate, the government had restored fiscal balance, he said.

In the last five years, path-breaking structural reforms have been made which includes the implementation of the Goods and Services Tax.

"India is back on track. We have prepared the foundation for sustainable growth and better quality of life. We are moving towards realising a New India by 2022," he said amidst thumping of desks by ruling party members and jeers from the opposition.