NEW DELHI: India is not facing 5 per cent economic slowdown and continues to be the fastest growing economy in the world, Union Minister Anurag Thakur said in Lok Sabha on Monday.
During Question Hour, Thakur 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, report agencies.“There is no 5 per cent slump. Where did you get the figure. Show us,” he countered when Aam Aadmi Party 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 dollars economy,” he said.
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.
The minister 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.Thakur said as per the National Statistical Office (NSO), the GDP growth on average was 7.5 per cent 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,” he said.