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CHANDIGARH: Asserting that the world has self-confidence in India and its economy, Union Minister Anurag Thakur on Sunday said the federal government targets at making India among the top 3 international economies by2025 “We have become the world’s fifth biggest economy and in the next five years, the target is to make India amongst the top three economies of the world,” the Minister of State for Financing and Corporate Affairs stated.
The minister was addressing a press conference here after meeting stakeholders from different trades and industries throughout an interactive session organised by the Income Tax department in collaboration with CII.
He also touched upon the federal government’s current effort “ Vivaad se Vishwas“, a scheme to settle disagreements in between the tax guys and taxpayers.
With the 3rd quarter GDP falling to 4.7 percent, the Congress has implicated the government of “ruining” the economy by “significant mismanagement”.
” They (IMF, RBI) have actually stated India is bound to grow in fiscal year 2020-21 at the rate of 6-6.5 percent, that plainly shows that the world has self-confidence in India and Indian economy … And Modi government is taking all the actions in that direction,” he said.
” If you look at FDI inflows during the last 5 years into the country, they far surpass the FDI during the 10 years of UPA guideline,” Thakur stated, including the country’s Forex (Click Here For Best Forex Techniques) reserves (Forex (Click Here For Best Forex Techniques)) have actually swelled to all-time high of USD 476 billion.
He said the financial deficit, which used to be at 5.2 percent throughout the UPA regime, has actually boiled down to 3.3 percent, though “this year it will be 3.8 pc and next year we will bring it to 3.5 percent.”.
Thakur, who represents Hamirpur in Himachal Pradesh as MP, stated the Narendra Modi government has actually revealed what financial discipline is.
” Inflation, which utilized to be 12 per cent, boiled down to 4 percent. All macro financial signs point that India is going ahead in the right instructions.,” he said.
Attacking the Congress, he alleged that it was throughout the UPA rule that economy had been mismanaged.
” There were scams, genuine status of bank NPAs were concealed, inflation was high,” he stated.
About the possible effect of break out of coronavirus in China on world economy, he said India’s Finance Minister Nirmala Sitharaman recently held a conference with industry to seek feedback in this regard.
” We are looking for feedback from the industry and federal government will take suitable steps,” he said.
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