India continues to be world’s fastest-growing economy, thanks to Modinomics: BJP

PTI, Aug 31, 2023, 8:46 PM IST

Various growth parameters indicate that India continues to be the fastest-growing economy in the world and the country’s GDP data for the first quarter of the current fiscal should come at around 8 per cent, thanks to ”Modinomics”, the BJP said on Thursday.

The increase in both rural and urban demand, the consumption pattern, the Goods and Services Tax (GST) collection and various other parameters provide ”very good indications” for the future, Bharatiya Janata Party’s (BJP) national spokesperson Syed Zafar Islam told a press conference at the party headquarters here.

”With festivals approaching, there will be further increase in demand. The economy of the country will be in a much better position. The growth momentum will also increase further,” he said, giving credit to ”Modinomics” — Prime Minister Narendra Modi’s economic vision.

”The GDP data for the first quarter is going to come today. I don’t know what the figure will be, but the speed of growth indicates that it will be around 8 per cent,” the BJP leader said.

He said 8 per cent is a ”fabulous” number and added that ”it only shows that India’s economy is not just growing, but growing at a very fast pace”.

India continues to be the fastest-growing economy in the world while the economy of other countries, including that of China, is contracting, Islam said.

The BJP spokesperson said Prime Minister Modi has taken several ”decisive and visionary” decisions to strengthen the country’s economy with ”special focus” on increasing the income of people.

”There is no inflation in the country due to the policies of our government. Slight inflation that happens due to seasonal factors is also now under control,” he said ”People’s income is increasing. Consumption indicates increase in income. People are in a better position today,” Islam said.

He added that the prime minister has also taken several ”key initiatives” in the social welfare sector. ”Over the past nine and a half years, Prime Minister Modi has rolled out as many as 313 public welfare schemes and programmes which have empowered the poor and needy across the country,” Islam said.

The Modi government has ”successfully” faced several challenges in the past nine and a half years, turning ”challenges into opportunities”, the BJP leader said.

”The manner in which Prime Minister Modi has secured our nation and also given a fillip to our economy, the entire world is awestruck and appreciates his efforts,” he added.