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  • October 16, 2019

India Is One of the Fastest-Growing Economies Even Today

Union Finance Minister Nirmala Sitharaman was addressing investors at an event hosted by the Federation of Indian Chambers of Commerce and Industry in association with the US India Strategic and Partnership Forum, at the IMF’s headquarters in Washington.

"It (India) is one of the fastest-growing (economies) even today. It has the best-skilled manpower and a government that is continuously doing what is required in the name of reforms, above all democracy and rule of law, " she said. Praising India’s “capitalist respecting environment,” Minister Sitharaman said investors can find no better place to assign their funds.

“Though the budget was presented in July, in a year when there was interim budget present before the election, we didn’t wait for the next budget to come in February of 2020, almost on a 10-day interval, we have been announcing one or the other intervention with which each of the stressed areas can be addressed,” she said. Additionally, in order to improve consumption, the government has declared that public expenditure for infrastructure will clearly take precedence.

“Similarly, for increasing money in the hands of the people so that consumption can improve, I’ve requested all the building sector banks together with their partners, non-banking, financial companies to reach out to villages, reach out to districts and extend every kind of credit that they would want.” This must be a continuous system till the time the economy really shows a substantial uptick, she added.

 

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