No chance of recession, hope for double-digit GDP growth: FM on Indian economy

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Union Finance Minister Nirmala Sitharaman on Saturday expressed confidence in India’s double-digit GDP growth this financial year, saying the country is on a solid wicket compared to others and that It is responsive in terms of extending the grip to required sections.

“We (India) have zero percent chance of going into recession. I’m hoping for double-digit growth. We’ll work on it…so if you’re not on the brink of recession, that’s me. gives confidence that you are constantly responsive in terms of the sections that need to be taken care of,” the minister told reporters, as quoted by the PTI news agency.

India’s economy grew at the fastest pace in a year, fueled by consumption, increasing the scope of the RBI to focus on controlling inflation. Gross domestic product (GDP) in the first quarter (April-June) of this fiscal year increased by 13.5%, compared to the 20.1% growth recorded during the same period last year, according to published data. by the Office for National Statistics (ONS).

Sitharaman further said that some might argue that the country has recorded a high growth rate due to the low base, however, India is literally the fastest growing economy.

She also referred to World Bank and IMF reports that economies that were much more developed than India and comparable to the country are on the brink of recession.

Talking about freebies, she said, “We should all be part of the discussion on the issue of freebies because if you give something away for free, that means someone is paying for it. Everything after that, they have to assess their financial situation. and stock up before giving gifts.”

Meanwhile, BVR Commerce Secretary Subrahmanyam said on Saturday that India will become the world’s second largest economy by 2047.

He said that within a few years India will be among the top four economies in the world and by 2047 it will be the second largest economy in the world as per the vision set by Prime Minister Narendra Modi.

This year India overtook the UK to become the world’s fifth largest economy, according to figures from the International Monetary Fund (IMF). The United States, China, Japan and Germany are the only countries with economies larger than India. The UK is currently in sixth place, just behind India.

Economists and business leaders have also predicted that India’s position will continue to improve in the coming years due to greater economic growth.

(With PTI inputs)

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