New Delhi: The Narendra Modi government has taken a number of steps to address the slump in the economy and the results will be visible soon, said Union Home Minister Narendra Modi.
Speaking exclusively to News18 Network Group Editor-in-chief Rahul Joshi, Shah said the last six years saw a stable economy and Modi had ensured the country will continue to move forward.
“The slowdown is not only in India, but across the globe. India's economy is being affected due to globalisation. Comparing India’s economy with the world's economy is not required. You should look at the top 10 economies and how their Gross Domestic Product (GDP) dropped and by what per cent. Then you can compare how much of India’s has dropped. This comparative study must be done. This is the best way to assess our performance,” said the BJP president.
“Since the global slowdown began, India’s finance minister (Nirmala Sitharaman) has consulted with many traders, CAs and economists. Many things have come out of this. The government has been able to come up with many decisions. These have happened within five blocks. Luckily, the kharif crop has fared well. The entire country has received plentiful rain. Kharif crop alone must fare between Rs 5-6 lakh crore. These new steps taken by the finance minister will show their effects soon. The situation will improve eventually,” he said.
Meanwhile, Moody's Investors Service on Thursday slashed its 2019-20 GDP growth forecast for India to 5.8% from 6.2% earlier, saying the economy was experiencing a pronounced slowdown partly related to long-lasting factors. Last week, the Reserve Bank of India (RBI) had projected a 6.1% growth.
In September, the Asian Development Bank and the Organisation of Economic Cooperation and Development had lowered the 2019-20 growth forecast for India by 50 basis points and 1.3 percentage points to 6.5% and 5.9%, respectively.