Expressing optimism over India’s economic growth, Union Minister Anurag Singh Thakur said that India has the potential to achieve double-digit growth through a healthy dose of digital services and manufacturing base expansion which will be driven by demand from the rural sector, youth and the aspirational middle class.
The minister of state for finance said that in the past six years, the Modi government has consistently introduced reforms that have brought about significant changes. He said ‘And now all indicators, from inflation to fiscal deficit, from forex reserves to current account deficit, from GDP growth to financial inclusion - all point to a very stable and sustainable economic position’.
Talking about the recovery post unlock, he said it has been broad-based and has not come only from the agriculture sector. Of the 48 high-frequency indicators used by the Reserve Bank to track the economy, 30 parameters overtook the February's level. He said ‘We have seen stellar recovery in passenger vehicle sales, 2-wheeler sales, oil consumption, steel production, cement production, international air cargo amongst other areas’.
Due to the gradual and thoughtful unlocking of the lockdown and the resumption of the business activities in the second quarter, he said ‘we are looking at a strong economic revival, based on strong fundamentals and a slew of structural reforms’. Thakur said India is building a conducive ecosystem for enterprises and entreprenuers to emerge as dominant global players.
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