The BJP on Thursday said that the Indian economy is on a recovery path and the government has taken several new initiatives which will further boost the economy.

Addressing a press conference at party headquarters here, BJP national spokesperson Gopal Krishna Agarwal said, “Our economy is out of the woods and is on the path to achieving double-digit growth. The post-Covid economy is showing a strong recovery and all the indicators show that the economy is going for double-digit growth not only this year but also on a sustainable basis, over a period it will see a strong growth rate or higher single-digit growth.

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Talking about the agricultural sector, he said that the overall farmers’ debt has decreased and income has increased. “Agriculture situational assessment survey of NSSO said that there is 59 per cent surge in income from the previous survey from Rs 6,426 increase in 2012 to Rs 10,289 per month in 2019,” he said.

He pointed out that farmer indebtedness came down from 52 to 50 per cent. “Household farmers indebtedness also decreased. Indebtedness of farmers having small landholdings less than 2.5 acres also decreased after adjusting inflation by 50 per cent. The budget allocation of the government for the agriculture sector has also increased by 5.5 times. Agriculture exports increased by 22 per cent,” he said.

Citing reports, he mentioned that the labour force participation has increased to 40.1 per cent in 2019-20. “Direct tax collection has also increased by 28 per cent as compared to pre COVID period. Indirect tax collection has also increased along with exports. For the last nine months, the GST collection has exceeded Rs one lakh crore per month,” Agarwal said.

He highlighted that country’s ranking in Global Innovation Index has improved to 46 as compared to 81 in 2015 while last year India was ranked 48. He further pointed out that apart from this, merchandise export also recorded growth of over 45 per cent. “All these reports together show the economy is on the recovery path and the government has taken several initiatives which will further boost the economy and lead us to a path of double-digit growth on a sustainable basis on a higher rate of single-digit rate,” BJP national spokesperson said.