Economy

Slowdown is a cyclical process, Indian economy fundamentals are strong: Prakash Javadekar

Our Bureau New Delhi | Updated on September 08, 2019 Published on September 08, 2019

Prakash Javadekar. File photo   -  PTI

Says India received record amount of FDI in 2018

The Central Government on Sunday said that that the current slowdown is temporary and that the fundamentals of the Indian economy remain strong.

Addressing the media on the achievements of the Modi government in its first 100 days, Union Minister Prakash Javadekar said, “Indian economy is on a strong footing as the fundamentals are strong. Slowdown is a cyclical process.”

When further prodded, he said, “There are always some patches. Globally also there is a slowdown, which has an impact on sentiments in the domestic market. The government is responding with actions that are required to be taken. There is nothing to panic.”

He said that India received record amount of foreign direct investment (FDI) last year, which was more than even China’s FDI. “With steps taken for ease of doing business and new rules for bringing in FDI, we expect to see a surge in foreign investments and domestic demand. We will continue to make progress to achieve our target of $5 trillion economy," Javadekar added.

Asked about the Government’s decision of the public sector (PSU) banks’ merger, he said, “It is the right step in the right direction. Mergers when carried out in a systematic way enable leveraging of synergies and expertise.”

Javadekar said, “No other Government in the past has taken so many people-friendly decisions in its first 100 days in power.”

Flagging off some of the decision that Modi 2.0 has taken, he said these include abrogation Articles 370 and 35A and reorganization of Jammu & Kashmir and Ladakh, plans for large scale investments in infrastructure , Ease of Doing business, legislation against Triple Talaq and the roadmap for making India a $5 trillion economy,reduction of physical interference and transparency in GST and IT return filing process.

He also pointed out to other key intiatives and schemes taken by the government such as the Jal Shakti Abhiyaan, Har Ghar Bijli Yojna, Ujjwala scheme for gas connections and Ayushman Bharat.

He further said that the Government has taken steps for social sector protection for unorganized sector workers and small traders besides launch of scheme for financial assistance to farmers.

Javadekar stated that the Centre is committed to measures for good governance and has already taken action against corrupt government officers.

Published on September 08, 2019

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