NEW DELHI: An unexpected balance was seen despite four droughts in the country, India emerged as the world’s fastest growing economy notwithstanding demand slowdown. Addressing a press conference, Chief Economic Adviser Arvind Subramanian he said, there have been improvements in quality of spending towards capital and agriculture, fiscal consolidation at central and state levels along with the improvement in direct tax efficiency.
He also asserted this in several personal tweets that the commentary on Mid-Year Economic Analysis, presented in Parliament last month, has focused on challenges.
“Despite declining global demand & 4 droughts, (India has emerged as) fastest growing economy,” he said in one of the tweets.
He stated that the country has outpaced China as the world’s fastest growing economy 2015. Although earlier today congress accused the government for failure on economic front, the stats shows otherwise. Addressing a press conference, senior Congress leader and former Finance Minister P Chidambaram said for the whole of 2015-16, GDP growth is not likely to be higher than 7 to 7.3 per cent, which means that it will be the same as, or lower than, in 2014-15. “The Indian economy is like a car running on two wheels. There are pointers to serious mistakes in fiscal management,” he added.