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Aiming at $5 tn economy: Govt says economy still best in the world

By IndianMandarins- 19 Nov 2019


Almost all financial institution predicting India’s GDP going below 5 per cent but the government is patting its back by saying that despite deceleration India will remain the fastest growing economy. There is no slump and India is still projected to be the fastest growing economy in FY20 among the G-20 nations.

Finance Minister Nirmala Sitharaman is of the view that the government has been taking several measures to address moderate levels of fixed investment rate in the economy, plateauing of private consumption rate and a modest export performance, with a view to increasing the GDP growth. She was confident that the goal of $5 trillion economy will be achieved by 2025.

The government also talks about implementing major reforms to build the investment climate in the country for becoming a $5 trillion economy. The WEO of October 2019 projects a significant slowdown in world output and trade in 2019. Yet India, despite some recent deceleration of GDP growth, is still projected by WEO to grow at the fastest rate in 2019-20 among G-20 countries.

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 after GST was implemented in 2017 will have certain impacts.

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