23 Aug 2019
Financial Minister Nirmala Sitharaman stated, on Friday, that India’s GDP has continued to grow steadily and at a quicker rate than the global economy. She added on to explain various approaches that the Indian government will take together with the industries to keep the economy moving forward.
Sitharaman said that people should not be concerned about the slowing automotive sector as the government is encouraging the use of electric vehicles, saying, ‘BS-4 vehicles purchased up to March 31, 2020, will all remain operational for their entire period of registration.’ During a press conference, she explained how reform is the priority of the government, but it is a process.
It was pointed out that the global GDP growth may be lower than the expected rate of 3.2% as a result of the global economy slowdown and the weak demand. The Financial Minister explained how India’s economy growth is outpacing the rate of the global economy and any other major economy.
‘Just to give you briefly a picture of what is happening globally. The current projected global GDP growth is of about 3.2% and probably is going to be even revised downwards...The growth rate, still in comparison to many countries is high and if anything even in comparison to the U.S. and China, our growth rate is higher than everybody else.’