Nirmala Sitharaman acknowledges slowdown, upholds India as fastest-growing among G20s

Nirmala Sitharaman, while talking about India’s growth situation during a Lok Sabha session on Monday, said that even though the GDP of the country has decelerated, it still remains the fastest-growing economy among G-20 nations. It was also confirmed that there is no slump and that India is still projected by the World Economic Outlook to grow at the fastest rate in 2019-20.

India's growth rate highest among G-20 countries

In addition to that, she said that the average growth rate was 7.5 per cent in 2014-19, which is the highest amongst G-20 countries. "The government has been taking several measures to address moderate levels of fixed investment rate in the economy, plateauing of private consumption rate and modest export performance, with a view to increasing the GDP growth of the country," said Sitharaman.

READ | Puducherry CM V Narayanasamy meets Finance Minister Nirmala Sithraman

Sitharaman also mentioned that the government has been taking several measures to address moderate levels of fixed investment rate in the economy. She further said that the government is also trying its best to bridge the private consumption rate and a modest export performance- all in view to increase the GDP growth.

READ | Defence Minister Niramala Sitharaman inspects fire mishap site near Aero India venue

Additionally, Anurag Thakur who is the Minister of State for Finance and Corporate Affairs while answering questions from members, said that the number of taxpayers had almost doubled after demonetisation. Responding to queries, Thakur said: "Five per cent (growth rate) is not slump. I want to know which the RBI Governor has said it."

READ | FM Nirmala Sitharaman meets Swiss President Ueli Maurer in Washington

She, while crediting the 2017 GST implementation, also said that in the World Bank's Ease of Doing Business 2020 Report, India's ranking improved by 14 positions to 63 in 2019 from 77 in 2018. Further, he also said there was slowing down of economic growth across the world but India will be among the fastest-growing economies. He said the goal of a $5 trillion economy will be achieved by 2025.

READ | FM Nirmala Sitharaman meets Swiss President Ueli Maurer in Washington