New Delhi, Jan 6: Finance Minister Arun Jaitley on Saturday slammed the Congress for raising questions over predictions of lower economic growth in the current fiscal year. Jaitley emphasised that the worst of National Democratic Alliance‘s (NDA) performance is better than UPA government. He added that India’s economy has steadily grown despite slowdown in world economy. Jaitley’s comments come in the wake of Central Statistical Organisation report stating India’s economy will grow at 6.5 per cent in the current fiscal.
“When the global economy slowed down, India continued to grow at a steady rate. We continued to grow as the fastest economy for three years,” ANI quoted Jaitley as saying. The spar over the declined growth escalated on Saturday with Congress launching an all-round attack on Prime Minister Narendra Modi.
Fears of economic slowdown have come true: P Chidambaram
Former finance minister P Chidambaram on Saturday said that fears of the Congress regarding economic slowdown have come true despite tall claims of robust growth made by the Centre. In a statement, released by the Congress, Chidambaram said, “New project announcements have declined, fresh investment is low, informal sector is still reeling under the ill effects of demonetisation, job creation is abysmal, exports are plunging, manufacturing sector growth has slowed down, agriculture sector has been hit hard and rural despair is abundant.”
NITI Aayog Vice Chairman predicts 7.5-8 pct GDP growth in upcoming fiscal
NITI Aayog Vice Chairman Rajiv Kumar on Saturday stated that GDP is expected to grow at around 7.5 to 8 per cent in the coming months. Kumar added that it was commendable how the growth continued to take place at a significant rate, in spite of major economic reforms such as demonetisation and the introduction of the Goods and Services Tax (GST).
“It is commendable how the GDP has grown after a downfall. Under Manmohan Singh, in 1991, when economic reforms were taken, the economy was at a slow growth pace. Such is not case. It is noteworthy that in spite of the demonetisation drive and GST’s impact, the economy is moving towards greater expansion,” said Kumar.