The fundamentals of the Indian economy are suund, union minister Ravi Shankar Prasad said on Wednesday, upon being asked how long it would take the country to come out of the slowdown.
Questioned why collection under the Goods and Service Tax regime is below the target set by the government, the minister said that one needed to be more patient and recognise the fact that more and more businessmen were getting enrolled under the GST.
Addressing media persons on the occasion of '100 days of bold initiatives and decisive actions' of NDA-2 government in the city, Minister Prasad claimed that GST revenues in August stood at Rs 98,202 crore, which is 4.5 per cent higher than that collected in August 2018 (Rs 93,690 core).
When it was pointed out to him that this was against a monthly target of Rs 1.14 lakh crore, the minister said, "August mein yeh thahar gaya tha? Saiyam rakhiye (Did it stagnate in August? Be patient)."
Earlier while delivering the lecture, the minister said that the GDP of the country grew at 7.5 per cent, 8.0 per cent, 7.1 per cent, 6.5 per cent and 8.2 per cent in past five financial years, but the first quarter of 2019-20 recorded a growth of 5 per cent, which he termed as a 'temporary phenomenon'.
Asked how long the present economic slowdown was likely to continue, the minister maintained that the fundamentals of the economy are strong.
100 days of NDA-2
|
| First quarter of 2019-20 recorded a 5% growth, which Prasad termed a ‘temporary phenomenon’ |
| He countered the claims that joblessness in the country is at a four-decade low |
| Between Sept 2017 and June 2019, EPFO witnessed an addition of 2.54 crore employees, he said |
| FDIO is rising, Prasad said |
"Mind you, this is the first quarter. The government has taken so many proactive measures. Funds are being allocated to banks, the housing sector. The fact remains that India is still the fastest growing economy. Fiscal deficit is under control at 3.3 per cent, inflation is at 3.5 per cent, the foreign exchange reserves are robust and foreign direct investment is rising," he said.
He countered the claims that joblessness in the country is at more-than-a- four-decade low, saying that between September 2017 and June 2019, the Employees' Provident Fund Organisation (EPFO) witnessed an addition of 2.54 crore employees.
With close to Rs 19.99-crore Mudra loans given out, he said that a large number of jobs must have been created even if half the business have started. The country added 8.73 lakh employees in the information technology sector in the past five years, he said while quoting data from NASSCOM, the IT and BPO trade association.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Ravi Shankar Prasad")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}