Gadkari said that the goal can be achieved by increasing domestic production and reducing dependence on imports. He spoke at the 29th International Management Conclave of the Indore Management Association here.
Unfazed by projections of GDP growth slowing to an 11-year low in the current fiscal, Prime Minister Narendra Modi on Thursday said fundamentals of the Indian economy are strong and it has the capacity to bounce back.
The decline has been mainly on account of deceleration in manufacturing sector growth, which is expected to come down to 2 per cent in 2019-20 from 6.2 per cent in the year-ago fiscal, as per the first advanced estimates of the national income released by National Statistical Office(NSO) on Tuesday.
Talking about the economic slowdown in India, Nobel laureates Abhijit Banerjee said that it was important that there were no more cuts in corporate taxes.
India marching towards 5 trillion Dollar economy. It is expected that India may become the third strongest economic country by 2034. With this India will surpass Japan by 2034 to achieve the feat.
India's economy is expected to rebound in 2020 on the back of measures taken by the government and the RBI coupled with easing of global trade tensions, industry body CII said on Sunday.
On the apprehensions of industrialists, who are afraid of raids by Central agencies like the Central Bureau of Investigation, Enforcement Directorate and Income Tax department, she refered to Bajaj Group chairman Rahul Bajaj speaking out about the government's alleged intolerance of criticism.
Home Minister Amit Shah on Saturday expressed hope that by 2024, India would become USD 5 trillion economy and be placed among the top five global economies.
"Promise after promise...2 crore jobs every year, double the price of crops, good days, Make in India, making the economy USD 5 trillion... Will any promise be accounted for? Today GDP growth is 4.5% which shows that all promises are false," she said in a tweet in Hindi.
"Every step being taken is in the interest of the country... looking at the economy with discerning view, you see that the growth may have come down, but its not a recession yet or it won't be recession ever," finance minister Nirmala Sitharaman said.
Suresh Angadi stirs controversy over remark on Indian Economy
In signs of continuing weakness in the economy, India's factory output shrank to the lowest level in eight years as all three broad-based sectors of capital goods production, consumer durables, and infrastructure and construction goods contracted.
She said it has come at a time when questions are being asked about the nature of the slowdown, which is affecting the global economy and bogging it down and indeed questioning if India is actually in a slowdown.
The ministry said the government has undertaken series of financial sector and other reforms to strengthen the economy as a whole.
Indian economy, which till recently was hailed as the fastest-growing major economy, saw the growth rate drop to 5 per cent in April-June 2019 from 8 per cent recorded a year earlier
Congress president Sonia Gandhi on Saturday launched a blistering attack on the government on the state of the economy, saying signing the RCEP agreement will result in "untold hardship" for farmers, shopkeepers, and small enterprises.
“We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline,” Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.
Top News
Latest News
