Indian economy on the right track! Avers Indian PM
Narendra Modi, the Indian PM, credited with upping the Indian image on the global front, uses statistics intelligently to prove his critics wrong at the Bloomberg Economics Summit
Narendra Modi, the Prime Minister of India, in a defiant tone, lashed out to critics on the topic of the Indian economy being on the right track. The PM while addressing the Bloomberg Economic Summit at New Delhi on Monday, provided a strong reasoning and statistics to hit out at critics who have been negatively projecting the Indian economy. In his words, the Indian economy is on sound track, thanks to the laborious efforts of planning, inflows into the country from FDI, and sound policy management. In his address, Modi, referred to critics as ones who find it questionable to see India on the top of the global map in terms of productivity and sound policy management. Such people could go to the extent of coming up with unreasonable statements, and negative thoughts. Indian economy is ahead, and doing well even during times of a global economic slump. Providing numbers as a backing for his statements, he said that post-September credit-growth has taken an off-take, and improved by 11.5% during Feb’16. Corporate fund flow by way of equity and borrowings have grown 30% in the months of Jan, Feb and March. Pointing towards many government schemes and policies, he shared that the net FDI during March witnessed an all-time high, which is a record. He emphasized agrarian sectors such as sugar, and fertilizers witnessed good inflows, depicting a resurging Bharat (rural) economy. The PM averred that sectors such as construction, software, and hardware witnessed 3% digit growth. While he shared that construction saw FDI increase by over 300%, technology, especially hardware and software accounted for a quadruple-growth. The global economy slump has affected the exporter community, and the government’s focus on a 2022 vision would be delivered using optimum technology, spotlight on agriculture, and doubling farm income. Among other noteworthy achievements, the PM highlighted that in spite of a capital expenditure hike, the deficit has been reduced, and surprisingly this has come through way of cuts in tax revenues. Apart from policies, the Make-in-India exercise has managed to have a positive impact on FDI inflows. Other than the agrarian sectors, inflows have increased in sectors such as automobiles by 71%. Such policies and exercises have boosted the economic activity by 7.6%.
March 29, 2016 | 06:40pm IST
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to success.