Eastern Times, New Delhi: Indian economy in the post covid period is seeing widespread recovery and the coming budget would be a game changer for the country, said Gopal Krishna Agarwal, BJP’s national spokesperson in a press conference on Thursday.
Agarwal was joined by Zafar Islam, member of the party’s economic cell in the press conference which was held at its headquarters.
Gopal Krishna Agarwal said that the Modi Government was not elected to maintain status quo but to bring transformative changes. The Government has been walking on the path of strong reforms since then.
BJP believes that Good economics is good politics. Good economies always result in good political outcomes.
Sh. Agarwal also said that the country did not see any major economic reforms for over two decades from 1991 till the coming of the Modi Government in 2014.
However, differentiating the current reforms from those undertaken in 1991 he said that unlike the 1991 reforms that were undertaken due to compulsion, the current reforms stem from conviction of the Government. He listed a number of reforms like IBC, GST, gricultural reforms, labour law changes and others pertaining to factors of production.
He said that wealth creators are important for the economy just like any other segment of the economy and BJP recognises this fact.
Quoting figures to show a ‘V’ shaped recovery he said that GST collections have crossed Rs 1 lakh crore in the last 3 months and credit growth has increased by over 7%. He said that the Government has continued expanding hugely on infrastructure, social security, welfare etc and Government expenditure has increased by 248% in November 2020.
Agriculture has shown a growth of 3.4% in the 3rd quarter. The PMI data for 3 consecutive months has shown expansion in manufacturing.
IIP figures on eight core sectors show healthy growth. Labour force participation, too, in the post-COVID era, has seen 87% recovery in mobility.
He said that Corporate results of various sectors like IT, auto, pharmaceutical, FMCG, banking and finance are very upbeat.
On the other hand Zafar Islam said that the Indian economy under the leadership of Narendra Modi is on track to achieve the target of 5 trillion dollars by 2025 despite the covid related setback. He also said that the manufacturing sector will witness huge growth
due to PLI scheme and it will help resolve the unemployment issue.
Agarwal said that the economic recovery of India post-COVID is strong and widespread across all segments. Several reports indicate this.
The RBI report says that ‘’After a winter of discontent, we’re moving towards a glorious summer.” The IMF’s report that shows India will grow at the rate of 11.5% in the coming year.
The report also suggests that India will continue to hold its tag of the world’s fastest growing major economy.
The budget 2021 will focus on areas which still need further support and build upon this strong economic base. He said that the budget will take the country to the path of ‘Resurgent India’ and ‘Aatmanirbhar Bharat’.