India not facing 5% economic slowdown, continues to be fastest growing economy: Anurag Thakur

Expressing optimism over India’s economic growth, Union Minister Anurag Thakur has said the country is not facing 5% economic slowdown and continues to be the fastest growing economy in the world. He also said a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries. He said India continues to the fastest growing economy in the world even though many countries in the world are facing economic slowdown. He added the country will be a $5 trillion economy by 2025. Highlighting series of steps taken by the government to strengthen the economy, Thakur said tax concessions have been given to industries, foreign direct investments and MSME sector.

Thakur said several banks have been merged with bigger banks and ultimate aim of the government is to keep four strong banks with solid footing and ensure increased economic activities. He said strong actions have been taken against blackmoney and number of tax payers has been doubled due to demonetisation and implementation of the GST regime. He said as per the National Statistical Office, the GDP growth on average was 7.5% in 2014-19, which is the highest amongst G-20 countries. He said the World Economic Outlook (WEO) of October 2019, projects a significant slowdown in world output and trade in 2019. Yet India, despite some recent deceleration of GDP growth, is still projected by WEO to grow at the fastest rate in 2019-20 among G-20 countries.

The Union Minister further said the government has been taking several measures to address moderate levels of fixed investment rate in the economy, plateauing of private consumption rate and a modest export performance, with a view to increasing the GDP growth of the country. Implementation of Goods and Services Tax in 2017 stands out as the most important measure for improving ease of doing business in the country and Make-in-India programme is a major initiative towards increasing the indigenous capacity of the country to produce world class goods and services. He said continuous liberalisation has resulted in record and unprecedented inflows of foreign direct investment into the country.