NEW DELHI: The government on Wednesday said it expected the Indian economy to rebound as the reform measures initiated by it have ensured that the fundamentals remain strong.
Responding to former finance minister P Chidambaram’s assessment of the economic conditions impacting livelihoods, junior finance minister Anurag Thakur said the reforms have helped the economy rebound strongly and pointed to the latest GDP numbers showing 1.6% growth during the March quarter, after a 24% fall in the June quarter of the last fiscal year. He argued that international agencies had projected double digit growth during the current financial year. “I am not surprised that the former finance minister chose to ignore hard data and instead went ahead with ‘whataboutery’ — the Congress leadership has embodied this clueless approach over the years,” Thakur said.
Pointing to contraction across several major economies, he said, “Is the Indian economy an island in isolation; have other major economies not faced a GDP contraction? Are you not aware that France, Germany, Italy, UK contracted by 8.2%, 4.9%, 8.9% and 9.9% respectively. Canada, Russia, South Africa, USA too have seen contraction in their GDP in the past year. Despite the disruptions in the globalised world, India has remained resilient.”
He then listed several economic indicators, from record GST collections in April to auto sales, steel and oil consumption to argue that the economy was showing strong signs of recovery before the second wave.
Responding to former finance minister P Chidambaram’s assessment of the economic conditions impacting livelihoods, junior finance minister Anurag Thakur said the reforms have helped the economy rebound strongly and pointed to the latest GDP numbers showing 1.6% growth during the March quarter, after a 24% fall in the June quarter of the last fiscal year. He argued that international agencies had projected double digit growth during the current financial year. “I am not surprised that the former finance minister chose to ignore hard data and instead went ahead with ‘whataboutery’ — the Congress leadership has embodied this clueless approach over the years,” Thakur said.
Pointing to contraction across several major economies, he said, “Is the Indian economy an island in isolation; have other major economies not faced a GDP contraction? Are you not aware that France, Germany, Italy, UK contracted by 8.2%, 4.9%, 8.9% and 9.9% respectively. Canada, Russia, South Africa, USA too have seen contraction in their GDP in the past year. Despite the disruptions in the globalised world, India has remained resilient.”
He then listed several economic indicators, from record GST collections in April to auto sales, steel and oil consumption to argue that the economy was showing strong signs of recovery before the second wave.
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