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Once Fragile 5, India now a global bright spot: Piyush Goyal

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India is a global bright spot, with the world recognising its potential as a manufacturer and provider of services, said Piyush Goyal, minister of commerce and industry. “Once a Fragile Five economy, India has now become the bright spot of the world,” said Goyal, who is also textiles, and consumer affairs, food & public distribution minister, at the Times Now Summit.

Highlighting how India used to grapple with double-digit inflation 10-12 years ago, he said the country is now better placed while the developed world is dealing with high rates of price rise. “In the context of global fiscal tightening, India is still showing a balanced growth of interest rates and inflation,” Goyal said, attributing this to the strict measures taken by PM Narendra Modi. Talking about employment, the minister said the start-ups in the country are doing well as job creators. He added that both the government and private sector are stressing upon infrastructure spending, which will yield better results.

“On the government jobs front, we are holding several rozgar melas, 1.5 million government jobs will be made available in the next 12 months,” he added. Asked about the downward revision of GDP numbers, Goyal said the picture will become clearer a the end of the year. “Amid a looming global recession, if India grows 7%... that would be a positive sign.” On the impact of global recession on exports, the minister said outbound shipments will likely be hit but there are other bright spots such as the services sector and the agriculture sector. “Our IT sector will present lots of possibilities. With the agriculture sector (growth), we have maintained our food security and have been able to help several other countries,” Goyal said.

All indicators such as oil imports, infrastructure spending, industrial output, etc point towards increasing consumption. “India is on the path of not only recovery but rapid recovery,” Goyal said. Underlining the importance of increased consumption of fuel and edible oils, he said “this is a positive sign for the economy” even if it raises the trade deficit.

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