03 Jul 2019
Economic growth was stated to be the Indian Government’s priority, together with a number of reforms to better the country’s GDP growth, according to Union Finance Minister Nirmala Sitharaman.
Speaking at the Rajya Sabha, she explained that the Indian economy was not influenced by the demonetisation, saying that the government is looking at ways to improve India’s GDP growth. She said, ‘If the impact of low growth in certain sectors has impacted growth rate, particularly in agriculture and allied activities as also in financial and real estate and professional services, there has been a fall, particularly in agriculture based on third advance estimates, it is believed that there has been a 0.6% decline in output.’ She added, ‘If the impact on low growth is because of outcomes from these sectors, the manufacturing sector has had a certain fall but which is not attributable to demonetisation.’
The Union Finance Minister showed how India has been outgrowing the U.S. and China, growing by approximately 7% each year.
India’s economic growth has been a major discussion point, highlighted when saying, ‘Economic growth is high on the agenda of the Government. Various reforms are being undertaken by the Government in many spheres to improve GDP growth. The key reforms in the Government’s new term include expansion to all farmers the cash transfer scheme ‘PM Kisan’ providing income support of Rs 6000 per year, which was earlier limited to farmers with a land holding of less than 2 hectares.’
Sitharaman will be presenting the first budget for 2019 on July 5th.