FM denies slump, says India 'fastest-growing economy' among G-20 nations

The finance ministry on Monday said that India's economic growth has decelerated but still remains the fastest-growing economy among G-20 nations and there is no slump.

Finance Minister Nirmala Sitharaman told the Lok Sabha in a written reply that despite some recent deceleration of gross domestic product (GDP) growth, India is still projected by the World Economic Outlook to grow at the fastest rate in 2019-20 among G-20 countries.

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She said the average growth rate was 7.5 per cent in 2014-19, which is the highest amongst G-20 countries.

"The government has been taking several measures to address moderate levels of fixed investment rate in the economy, plateauing of private consumption rate and modest export performance, with a view to increasing the GDP growth of the country," said Sitharaman.

Minister of State for Finance and Corporate Affairs Anurag Thakur, who took questions from members, said that the number of taxpayers had almost doubled after demonetisation.

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Responding to queries, Thakur said: "Five per cent (growth rate) is not slump. I want to know which the RBI Governor has said it." He said there was slowing down of economic growth across the world but India will be among the fastest-growing economies. He said the goal of a $5 trillion economy will be achieved by 2025.