India still continues to be fastest growing economy: Nirmala Sitharaman

03 Jul 2019 Evaluate

Expressing optimism over India’s growth, Finance Minister Nirmala Sitharaman has said that the country still continues to be the fastest growing economy. She added that the manufacturing sector has had a certain fall, but it is not attributable to demonetisation. She noted that if the United States' growth has grown between 1.6, 2.2, 2.9 and 2.3 per cent in 2016, 2017, 2018 and 2019, and China's growth has also decelerated from 6.7, 6.8, 6.6 and 6.3 per cent, India is still well above 7 per cent at 7.3 per cent growth.

She said economic growth is high on the agenda of the Government and various reforms are being undertaken in many spheres to improve Gross Domestic Product (GDP) growth. The key reforms in Governments new term include expansion to all farmers the cash transfer scheme 'PM-Kisan' providing an income support of Rs 6000 per year, which was earlier limited to farmers with a land holding of less than 2 hectares. Along with this, the Government has launched voluntary pension scheme for small and marginal farmers and small shopkeepers or retail traders.

Sitharaman further said the moderation in growth momentum in 2018-19 is primarily on account of lower growth in ‘Agriculture and allied’, ‘trade, hotel, transport, storage, communication and services related to broadcasting’ and ‘public administration and defence sectors’. Regarding steps taken, the minister said the government has taken several steps in order that more money goes to people and that is why the PM's Kisan Samman Yojna, the Pension Yojna, where money goes directly through DBT into the people's hands, are activities through which people are getting the benefit.

She said over and above that, in order that institutions will have to extend more credit facilities for industry and for those entrepreneurs in the ground, the credit situation and also taking care of resolutional stressed assets through banks is also happening. She further said as per estimates available from Central Statistics Office, Growth of GDP at constant prices was 6.8 percent in 2018-19, as compared to 7.2 percent in 2017-18 and 8.2 percent in 2016-17. Besides, to give focused attention to issues of growth, Government has constituted a five-member cabinet committee on investment and growth chaired by Prime Minister.

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