New Delhi: India is not facing five per cent economic slowdown as predicted by some analysts. Instead it continues to be the fastest growing economy in the world, Union Minister Anurag Thakur said Monday in the Lok Sabha.
Anurag Thakur, during Question Hour also said that a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries.
“There is no five per cent slump. Where did you get the figure. Show us,” Thakur countered when Aam Aadmi Party (AAP) MP Bhagwant Mann said the country is facing slump in the economy.
The Union Minister of State for Finance said India continues to the fastest growing economy in the world even though many countries in the world are facing economic slowdown. “By 2025, India will be a five- trillion dollar economy,” Thakur asserted.
Thakur also said strong actions have been taken against black money and number of tax payers has been doubled due to demonetisation and implementation of the GST regime. He also pointed out that as per the National Statistical Office (NSO), the GDP growth on average was 7.5 per cent during 2014-19, which is the highest amongst G-20 countries.
Thakur 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,” said Thakur.
PTI