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India’s growth, developmental strides in last 5 years have been transformational: Shringla
Mar-20-2019

India's Ambassador to the US Harsh Vardhan Shringla has said that India's growth in last five years has been transformational and the country is all set to emerge as a $5 trillion economy in the next five years.  He said ‘we have made huge strides in the last five years. I think it has been transformational the way we have grown.’ He highlighted that in terms of fundamentals of the country's economy, its inflation has come down from over 10% five years ago to about 4.6%, the fiscal deficit has come down from almost 6% to 3% which are very important indicators.

He added inflation is seen as an unpaid tax on the middle class and the poor. So bringing down inflation, bringing down fiscal deficit is good governance and good management of the economy. Moreover, he mentioned that India has been successful in attracting $259 billion in Foreign Direct Investment, 90% of which has come through the automatic route.

Besides, he said India has already grown in the last five years from being the 11th largest economy in the world to the sixth. And this year it might as well become the fifth largest economy. Moreover, he stated ‘we see ourselves growing to a $5 trillion economy in the next five years to 2024 and eight years after that, we see ourselves as $10 trillion economy’. However, he mentioned that the India needs a high level of growth to achieve this goal. India also needs inclusive and sustainable growth. And for this, the focus needs to be on physical and social infrastructure.

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