Crediting Prime Minister Narendra Modi government’s initiatives for India’s rise as economic power, Union Minister Arun Jaitley has exuded confidence that the country would be the fifth largest economy pushing Great Britain behind by next year. Jaitley also the high trajectory growth would lead to increased expenditure and would impact the poor in the rural sector significantly.
“India’s growth story at a fast pace is likely to continue as per assessment of all credible agencies. Obviously, a high trajectory growth leads to a higher revenue,” Jaitley said in his blog titled “The Congress Gave Slogans to Rural India – Prime Minister Modi Gave Resources.” He said: “Prime Minister Narendra Modi has shaken the traditional thinking process and ensured that rural India and the less privileged get the first right of resources. If this and increased expenditure continues for the next decade, the impact on India’s rural poor would be very significant.”
However, he added rising international crude oil prices and the global trade war would throw up challenges going forward. Referring to the World Bank ‘s latest data that showed the country reaching sixth position ahead of France, he said: “If we keep growing at the rate which is being projected, it is likely that next year we will be the fifth largest economy ahead of Great Britain. This is in consonance with the rest of the narrative.”
A latest World Bank report has said that the Indian economy has become world’s sixth-biggest economy, pushing France to seventh place. The US tops the list followed by China, Japan, Germany and Britain. The new calculations were arrived on the basis of Indian economy’s performance in 2017.
Jaitley argued the NDA government’s approach has been different from that of the past governments and their models. “The present Prime Minister is a man of many words and many more actions. He announces stiff targets and programmes which at first sight appear to be difficult, if not impossible. He follows it up with the actual implementation and delivers the promise.”
Listing the government’s specific programmes for the poor and the rural sector, Jaitley, said that those were “intended to bring a fundamental change in the quality of life in rural India.”
The Union Minister said: “This benefits all — irrespective of religion, caste or community. The Congress provided India’s poor with slogan. Prime Minister Modi has given them resources. This will ensure faster growth and lead to a faster depletion in the poverty.”