BJP: Despite slow GDP, India still among fastest-growing economies in world

At a time when a lot of questions have been raised over country's ecomy, BJP leer Gopal Krishna Agarwal has said rate of growth of India's GDP has slowed down but still, country is amongst fastest growing ecomies in world. Speaking to ANI, Agarwal, who is BJP spokesperson for ecomic affairs, said that government through Union Budget 2020 plans to boost consumer demand, particularly in agriculture and rural segments.

' govt will allocate more funds to its social benefit schemes'

" government will continue its spending on infrastructure and allocate more funds to its social benefit schemes. government will also push liquidity into rural and agriculture ecomy and help much more credit line to NBFC and MSME," he said. Agarwal, an ecomist, hoped that government can give a romap for fiscal consolidation in budget, and along with inflation targeting growth, re should also be a major consideration for monetary policy committee. " government also has to tackle twin risk averseness both from lenders as well as borrowers' side," he said.

Ahe of Budget, BJP has conducted 10 sectoral and one macro and micro ecomy stakeholders' dialogue, categorising m into three brohes -- firstly, sunrise sectors for India, secondly, potential for higher employment generation and thirdly, category of macro and micro-ecomy. "We h invited and connected with about 250 associations, 15/20 organisations in each sector. All se associations have good ground connect and have given very good suggestions. We have prepared reports of all important issues and suggestions reof and have sent it to government," Agarwal said.

' government will act on se suggestions'

"Surely, government will act on se suggestions. se suggestions have been categorised into immediate budgetary issues and having long term policy implications," he ded. Asked about Prime Minister Narendra Modi's ambitious target of expanding India's ecomy from nearly USD 3 trillion (Rs 205 lakh crore) to USD 5 trillion by 2024, he said romap was rey. Asked how is it possible to meet a target of USD 5 trillion dollar ecomy in wake of present situation of GDP growth, he claimed that GDP growth rate has been bottomed out.

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"We will surely see revival of growth in coming period. impact of mega reform such as GST, IBC and or anti-corruption measures will bring a transparent business ecosystem. government's focus on Ease of Doing Business is also giving desired results, " he said. On slowdown in Indian ecomy, he said rate of growth of India's GDP has slowed down, but India is one of fastest-growing ecomies in world.

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IMF chief on India's ecomic slowdown

IMF chief Kristalina Georgieva on Friday said growth slowdown in India appears to be temporary and she expects momentum to improve going ahe. Speaking at WEF 2020, she also said world appears a better place in January 2020 compared to what it was when IMF anunced its World Ecomic Outlook in October 2019. "We h a downgre in one large market India but we believe that's temporary. We expect momentum to improve furr going ahe. re are also some bright spots like Indonesia and Vietnam," she ted.

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(with ANI inputs)