Union Commerce and Industry Minister Piyush Goyal hailed the growth of the Indian economy despite the turbulent international environment.
Goyal said this during a Dhanteras press conference on Saturday along with Union Finance Minister Nirmala Sitharaman and Minister for Railways, Electronics and IT Ashwini Vaishnaw.
“Despite international difficulties, in a very volatile and very turbulent international environment, India is progressing so fast that even the IMF had to revise its forecast upwards to 6.6 percent growth this year,” Goyal said, adding that in the first quarter of the current year, India had a “historic growth of 7.8 percent this year…”
Goyal also said that the Finance Ministry, the Reserve Bank and the monetary fiscal policy are taking consistent steps to ensure that India is not affected by inflation.
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“Last month, the lowest inflation rate in eight years was 1.5%. We all saw that after 17-18, S&P revised India’s rating by one notch, maintaining a stable outlook. Similar results were seen in the mainstream market. Now take a small example: car sales. Maruti Suzuki sold 165,000 vehicles in just eight days after eight days. The first eight days after eight Navratyal days.
At a press conference on Saturday, three cabinet ministers of Narendra Modi welcomed the recent rationalization of GST rates and projected it as a major driver of economic dynamism in the country during the ongoing Christmas season.
They also pointed out that GST rate rationalization has boosted consumer demand, reduced prices and also boosted key industries such as automobiles, electronics and FMCG among others.
Goyal said the reforms were long in the making. “The Finance Minister’s GST reform announcement on September 3 has been almost a year and a quarter in the making under the leadership of the Prime Minister. Thank you Prime Minister and Finance Minister for making this year’s Navratri so special. The new form of #NextGenGST was implemented on September 22. There is a renewed enthusiasm and sense of PTI in the markets, among industry and business energy circles and among the general public.
He emphasized that the double pressure of investment in infrastructure and affordability have a multiplier effect. “This is why India remains one of the fastest growing economies in the world. The IMF has revised our GDP growth forecast to 6.6 percent.”
What Goyal said about US tariffs
Speaking at a press conference, Goyal said exports were growing despite the steep tariffs imposed by the United States on India.
“Exports in the first six months, despite all these uncertainties, have grown by about six or seven percent overall. And even in goods, we have seen India’s growth story in the first six months,” he said, adding, “Our goods and services are in demand globally and India will continue on this growth trajectory and we are confident that we will end India’s financial year 25 with positive export growth.”
What did Sitharaman say, Vaishnaw?
On the rationalization of GST rate, Sitharaman said, “It was launched on the first day of Navratri, I feel it has been well received by the Indian people,” adding that after closely monitoring 54 essential items, the government concluded that the benefit of GST has been passed on to consumers.
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The finance minister also added that even in the remaining nine days of September since the rationalization of rates, purchases increased sharply, with 3.72 million units of passenger vehicles dispatched in the same period. 21.60 lakh two-wheelers were also sold during the same period, FM said, pointing out that three-wheeler shipments grew by 5.5 per cent year-on-year.
She also said that sales of TVs increased by 30-35 percent while sales of air conditioners (ACs) doubled on the first day of rate rationalization.
