The slowdown in manufacturing activity in the country has pulled India’s Q1 2019-20 growth rate to 5 per cent, with the NDA government’s ambitious target of reaching $5 trillion in the next five years seeming impossible. But Shaurya Doval, director of India Foundation and son of NSA Ajit Doval, has said that it is natural for a robust economy like India to go through bumps as it expands.
“India is a very robust economy. India will, as it transitions from a $3 trillion to a $5 trillion economy, naturally go through bumps. It’ll also go through periods of tailwinds when its momentum and speed will be faster than planned,” ANI quoted him as saying.
“India became a $1 trillion economy in 2007. Prime Minister Narendra Modi inherited a $2 trillion economy in 2014, and he is promising to take this from $3 trillion now to $5 trillion in the next five years,” he said.
Doval, who is a BJP member, also rubbished the claims of the opposition parties that the country is going through an economic crisis.
“I think the whole narrative on the economy currently, particularly by the opposition parties in India, reflects a very high degree of immaturity and is a very novice way of approaching the discussion on economy,” he stated.
He, however, did say that the growing unemployment in the country is posing a serious challenge.
“While we are continuing to grow, we are not able to create the number of jobs we need to sustain. Hence the focus should be on entrepreneurship. This is a possible solution,” He added.