Finance Minister Nirmala Sitharaman, while dismissing the opposition's allegations of the economy being in crisis, said in the Lok Sabha on Tuesday that its management was in the hands of 'skilled doctors' and showed clear reforms in the economy due to the clear steps taken by the government. Are giving Sitharaman said that “the government is committed to taking additional measures to improve the economy. The Modi government has made strong arrangements for increasing the speed of all locomotives of the economy vehicle and is continuously increasing the allocation for the welfare of all other sections of the society including women, scheduled castes, people, children, etc. . "
Amidst the criticism being received by the government due to the continuous decline in the growth rate of GDP, the Finance Minister said that the government has taken new measures in the first three phases in addition to improving the economy. The government has taken several steps to increase private and government investment, consumption and exports, due to which the economy is showing signs of improvement. This includes the creation of new funds for real estate projects, incentives for export sector, merger of banks and announcement of concessions for micro, small and medium enterprises (MSME) and the auto sector.
Responding to the discussion in the Lok Sabha for nearly 12 hours on the budget for FY 2020-21, Mrs. Sitharaman said that foreign investment has increased in the current financial year, the manufacturing sector has gained momentum, after two months of falling goods and services tax ( GST) collections have steadily increased and the stock market graph is moving upwards. All these indicators point towards an improvement in the economy. Sitharaman said that the BSE Sensex rose 5.6 percent from March 19 to January 31, 2020, which are steps taken by the government to strengthen the economy.
In the current financial year, the Indian economy has grown to $ 29 trillion and it is expected that at this pace the country's economy will reach $ 50 trillion.
It is worth noting that during the tenure of the current central government, the average growth rate of gross domestic product (GDP) has been 7.4 percent and retail inflation has been 4.5 percent.
Reserve Bank of India Governor Shaktikanta Das said earlier this week that the government had taken several measures in three phases to boost the economy. Also indicated to take further steps.