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“India became world’s fastest growing economy under PM Modi”

Posted in Featured, S. Asia

Published on September 29, 2017 with No Comments

Minister of State for Civil Aviation Jayant Sinha on Thursday said that some “sweeping conclusions” were drawn from a “narrow set of facts”, missing the “structural reforms” transforming the economy.

His remarks came a day after his father Yashwant Sinha lambasted the NDA government for “economic mess” and questioned the current methodology to calculate the GDP.

“The methodology for calculation of the GDP was changed by the present government in 2015 as a result of which the growth rate recorded earlier increased statistically by over 200 basis points on an annual basis. So, according to the old method of calculation, the growth rate of 5.7 per cent is actually 3.7 per cent or less.”

Railway Minister Piyush Goyal too led BJP’s  counter saying that India has become world’s fastest growing economy under Prime Minister Narendra Modi. “The whole country and the world has seen that under the decisive leadership of Prime Minister Modi, India has become the world’s fastest growing economy for three consecutive years in a row. For the first time in the Indian history, India is driving world growth at all levels,” Goyal said.

Speaking about the measures taken by the central government, Goyal said the government has brought in unprecedented landmark reforms like Goods and Services Tax (GST). Goyal claimed that GST was never imagined possible in a country of the size and scale of India. “In fact, we are the largest country in the world to have implemented GST. The kind of structural changes we have brought in different aspects of economy, different aspects of government’s working, breaking the silos within different departments and working as one strong entity with the steadfast purpose of serving the poorest of poor. The poorest of the poor is in the focus of every action of this government,” Goyal said.

 

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