Allaying fears of economic slowdown due demonetisation, Power Minister Piyush Goyal today said India is the fastest growing economy and will continue to do so in coming years. As of today India is fastest growing (major) economy and the country will continue that, Goyal said in a TV programme ‘Budget Aaj Tak’ today.
According to the Central Statistics Office (CSO) in its advance estimates released earlier this month has pegged India’s economic growth at a slower pace of 7.1 per cent this fiscal, as against 7.6 per cent last year, mainly due poor showing by manufacturing, mining and construction, without factoring in the demonetisation impact.
Economists and experts have been repeatedly talking about the adverse impact of notes ban, effected on November 9, on GDP in near term including in the current fiscal. Several economists have predicted that growth will slow down in the near term as economic activity has taken a hit on account of note ban. Even former Prime Minister Manmohan Singh has projected economic growth to plunge by 2 percentage points.
Talking about forthcoming polls for state assemblies he said, “BJP will form government in all five poll bound states including Uttar Pradesh, Goa and Punjab.”
Dismissing Congress leaders’ claims that BJP is just implementing their policies, Goyal drew attention towards implementation of schemes and policies on ground by the present Central Government. About the claims about good management of 2008 financial crisis, he was of the view that then government deliberately increased the fiscal deficit to give stimulus to industry for keeping the growth rate at higher levels which ultimately perked up inflation.
Source: financialexpress.com