In his assessment of the country, Rajan had said that he would be lucky if the country grows at 5 per cent next year.
Union Minister Gajendra Shekhawat on Friday said that former Reserve Bank of India governor Raghuram Rajan would soon come to change his views on the Indian economy, which according to Rajan, would be lucky for 5 per cent growth next year.
Refuting Rajan's assessment, Shekhawat said leading institutions including the World Bank have predicted that the country's growth rate next year will be between seven and eight per cent.
Rajan had attended Rahul Gandhi's 'Bharat Jodo Yatra' on Wednesday.
In a conversation during the visit, Rajan had said that the next year would be difficult for the Indian economy, which is going to be hit by a worldwide economic slowdown.
In his assessment of the country, Rajan had said that the country would be lucky if it grows at 5 per cent next year.
Shekhawat, in his rebuttal to Rajan, said that only Rajan can explain the reason behind his pessimistic outlook for the Indian economy for 2023.
“All major institutions from RBI to World Bank are saying that India's growth rate next year will be between 7 to 8 per cent. After that if a person says something then only he can tell the basis of his assessment. It could be his own views," Shekhawat told reporters.
He said that Rajan had once predicted that Mudra Yojana would contribute maximum NPAs.
“I want to remind one thing. When Prime Minister Narendra Modi announced Mudra Yojana for self-employment and help to small entrepreneurs, Raghuram Rajan had predicted that Mudra Yojana would have maximum NPAs and it would collapse I think today he should reconsider his views on the plan and similarly he will change his views about Indian economy in next three-four years.
Shekhawat listed several measures and policy initiatives taken by the Modi government to boost manufacturing and exports in the country.
Citing the latest export data, Shekhawat said that India's trade put up an impressive performance in November 2022 with overall exports (goods and services combined) at $58.22 billion.
He said that a positive growth of 10.97 per cent has been registered in exports as compared to the same period last year.
“In the last eight years of Make in India, annual FDI doubled to $83 billion,” he said.
On the question of trade deficit with China, Shekhawat said, 'The country is importing raw materials and components from China and exporting goods to other countries by doing value addition. So the deficit with China should be seen in isolation. This should be seen along with the overall import-export bouquet. We are exporting more today."
No comments:
Post a Comment