No 5 pc slump; India continues to be fastest-growing economy: Anurag

New Delhi, November 18

India is not facing 5 per cent economic slowdown and continues to be the fastest growing economy in the world, Union Minister Anurag Thakur said in the Lok Sabha on Monday.

During Question Hour, Thakur said a number of steps were being taken by the government to strengthen the economy that included merger of banks and tax concessions to industries.

“There is no 5 per cent slump. Where did you get the figure? Show us,” he countered when Aam Aadmi Party MP Bhagwant Mann said the country is facing slump in the economy.

The Union Minister of State for Finance said India continued to the fastest growing economy in the world even though many countries in the world are facing economic slowdown.

“By 2025, India will be a five trillion dollars economy,” he said.

Highlighting a series of steps taken by the government to strengthen the economy, Thakur said tax concessions had been given to industries, foreign direct investments and the MSME sector.

The minister said several banks had been merged with bigger banks and the ultimate aim of the government is to keep four strong banks with solid footing and ensure increased economic activities.

He said strong actions had been taken against black money and the number of taxpayers had been doubled due to demonetisation and implementation of the GST regime.

Thakur said as per the National Statistical Office (NSO), the GDP growth on an average was 7.5 per cent in 2014-19, which is the highest amongst G-20 countries. PTI