India not facing 5% slowdown, says government

NEW DELHI: India is not facing 5% economic slowdown and continues to be the fastest growing economy in the world, Union minister Anurag Thakur said in Lok Sabha on Monday.


During Question Hour , Thakur also said that a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries.

“There is no 5% slump. Where did you get the figure. Show us,” he countered when Aam Aadmi Party MP Bhagwant Mann said the country is facing slump.

The Union minister of state for finance said India continues to the fastest growing economy in the world even though many countries in the world are facing economic slowdown. “By 2025, India will be a $5 trillion economy,” he said. Highlighting series of steps taken by the government to strengthen the economy, Thakur said tax concessions have been given to industries, foreign direct investments and MSME sector.

The minister said several banks have been merged with bigger banks and ultimate aim of the government is to keep four strong banks with solid footing and ensure increased economic activities.