New Delhi [India], July 22 (ANI): Bharatiya Janata Party leader Gourav Vallabh on Monday highlighted the financial and growth aspects of the Indian economy and said that India is the only country that has seen “high growth” and “low inflation”.
This statement came after the Economic Survey 2023-24 was tabled by the Finance Minister of India, Nirmala Sitharaman.
In an interview with ANI, BJP leader Gourav Vallabh said, “The survey that has come today shows that in the whole world, only India is standing on the high growth and low inflation, not USA, UK, Japan, Indonesia, Germany or Vietnam. India’s growth for the financial year of 2024 was 8.2 percent and inflation was lower than 5 percent. This shows the economic power of the country. This is the result of economic policies of the last 10 years; we are standing on high growth and low inflation rates.”
Gourav Vallabh further highlighted India’s June GST collection and said, “Economic Survey has predicted a 6.5 to 7 percent growth rate for the financial year 2024-25, but it can increase, as, only three months have passed. The way numbers are reflecting, in June 2024, we have collected Rs 1.45 lakh crores GST.”
Citing the report of the State Bank of India, Vallabh conveyed that around 12.25 crore employment was generated between 2014-2023 and said, “According to a report from the State Bank of India, between 2014-2023, around 12.25 crore employments were generated, out of which 9 crore was generated from the manufacturing and service sectors. India is moving forward with a fast pace of development.”
Exuding confidence, the BJP leader said that the Economic Survey 2023-24 is showing positive indications to make India the world’s third-largest economy in the NDA’s third term, which will further help India achieve the goal of “Vikshit Bharat”.
“The Economic Survey Report is showing positive indications for PM Modi’s resolution of making India third in terms of the world economy and hence India will move ahead to achieve PM Modi’s resolution of making India Viksit Bharat by 2047,” said Vallabh.
Earlier in the day, the economic survey presented in Parliament by Finance Minister Nirmala Sithraman said that in the medium term, the Indian economy can grow at a rate of 7 percent.
The economic survey stated, “In the medium term, the Indian economy can grow at a rate of 7 percent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, state Governments and the private sector.”
Achieving a sustained growth rate of over 7 percent will require a tripartite compact between the Union Government, State Governments, and the private sector.
India’s financial sector is undergoing critical transformations. During FY24, primary capital markets facilitated capital formation of Rs 10.9 lakh crore, accounting for approximately 29 percent of the gross fixed capital formation of private and public corporates in FY23.
The policy further adds India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space.
It suggests that the government’s focus must shift to bottom-up reforms and strengthening governance to ensure that the structural reforms of the past decade result in strong, sustainable, balanced, and inclusive growth.
The growth strategy for the medium term, termed “Amrit Kaal,” hinges on six critical areas. First, there must be a deliberate focus on boosting private investment. (ANI)
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