Politics

MODInomics! Indian economy is projected to be the fastest-growing major economy in the current and upcoming fiscal 2019-20

Let’s applaud as the arrival of the year 2019, has got a positive wave for the Indian Economy in every aspect pointing towards brighter days for the nation. Overall observation by the Finance Ministry has stated that the Indian economy is projected to be the fastest-growing major economy in the current and upcoming fiscal year 2019-20.

According to a recent World Bank report, India has improved its ranking in the Ease of Doing Business to 77th in 2018. This has been a result of the confidence boost given by the current government to the global investors to come forward to invest without having the fear of loosing credibility.

“Indian economy is projected to be the fastest-growing major economy in 2018-19 and 2019-20 (International Monetary Fund October 2018 database). This is borne by GDP growth of 7.6% in the first half of 2018-19. The Indian economy is on track to maintain a high growth rate in the current global environment,” it stated.

Highlighting various initiatives taken to improve the confidence and boost the growth of the Indian economy, it said there were measures to boost manufacturing, comprehensive reforms in the foreign direct investment policy, special package for the textile industry, push to infrastructure development by giving infrastructure status to affordable housing and focus on coastal connectivity.

The success of the government policies is further reaffirmed and underscored when the international organisations such as the World Bank and the IMF recognise India as the fastest-growing emerging economy in the world and applaud the resilient and stable growth India has witnessed, it said.

Consumer Price Index-based headline inflation averaged 3.3% during the period which is the lowest in the last six financial years. This has been stated in the Economic Survey 2017-18 placed in the Parliament by Finance and Corporate Affairs Minister Arun Jaitley.

The above progress report is a clear result of the number of measures taken by the Central Government under the initiative of PM Narendra Modi, though the motive kick started off with huge obstacles but landed with victorious data for India. This recognition was much needed for India and the further days to come. Well, if this fastest growing economy needs to be maintained in the same manner as to make it stronger right from the base. And this procedure must include the same able experts to continue the good work.

Source: Republic World


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