While international agencies including the IMF are predicting global slowdown and recession, the BJP has claimed that India is performing better than developed economies because of its “strong leadership and decisive policy-making”.
The ruling party fielded the head of its economic cell Gopal Krishna Agarwal this week to assert that while many countries are on the verge of sovereign default and some have already defaulted, India is not only the fastest growing economy but it is poised to be the third largest economy in the near future.
“There are several positive indicators. Purchase Manager Index (PMI) - services and manufacturing are in expansion mode. In September, Service sector (PMI) is 54.3 and Manufacturing sector (PMI) is 55.1. Bank credit is steadily growing - In August; year on year growth figure is 15.5 per cent, highest in 9 years. Central Government expenditure on infrastructure is on rise. Capex by PSUs is on the rise. Corporate sector earnings are also growing. Direct tax collection for the year has increased by 24 per centand GST collection for September has crossed ₹1.47 lakh crore,” said Agarwal.
Agarwal said the recovery tracker is showing a positive sign with rising air traffic and expanding retail and recreation visits. He said besides growing exports, defence export too is a success story with domestically developed Tejas airplanes being sold to other countries.
“Prospects of economic growth cannot be analyzed through challenges alone but depend on the strength of the institutions to manage them. We have challenges but our strength is based on decisive government with strong leadership, prioritizing national interest, e.g. crude oil purchase policy in National interest in spite of global pressure, bilateral trade in rupee terms with more and more countries,” said Agarwal.