Lauding India’s economic growth Union Minister for Commerce and Industry Piyush Goyal, asserted that the nation boasts of being one of the fastest-growing major economies globally.
On Thursday, Mr Goyal was speaking at an event in the national capital underlining key indicators such as foreign exchange reserves and inflation rates.
“We have one of the fastest-growing economies, certainly the fastest-growing large economy. Our Foreign Exchange Reserves are at an all-time high. Our inflation is among the lowest we have seen in our 76 years of independence. We have never seen these low levels of inflation consistently, ever in 10 years,” Goyal said while addressing the 44th annual function of the Consumer Electronics and Appliances Manufacturers Association (CEAMA) in Delhi on Thursday.
Meanwhile, going into how the national economy has fared under the stewardship of Prime Minister Narendra Modi, Union Finance Minister Nirmala Sitharaman on Thursday informed members of the Upper House that India’s second-quarter growth is the highest in the world, adding that the country continues to be the fastest-growing economy.
“Our second-quarter growth has been very high and it is the highest in the world. We have continuously maintained that momentum of being the fastest-growing economy,” the Union Finance Minister said.
She said all the sectors of the country were growing and in the green due to the policies introduced and implemented by the Centre.
“All sectors are growing significantly. Because of the Make in India programme and PM Modi’s schemes, the manufacturing sector is also significantly contributing to the economy. The manufacturing sector is contributing 13.9 per cent to the economy,” Sitharaman said.
“The Purchasing Managers Index (PMI) in November was 56. It is in the expansionary territory, so sustained growth is indicative of the growth,” she said, adding that the developed economies are showing a contractionary manufacturing PMI, in comparison to India.