India touted to be on course to become 5-trillion-dollar economy by 2024

The BJP presented latest economic data on Tuesday to claim that not only is the economy of the country back on track but is on an upward surge. BJP’s spokesperson for economic affairs Gopal Krishna Agarwal cited GST collections of October among other indicators to reiterate his party’s position that India is still on course to become a 5-trillion-dollar economy by 2024.

“Some figures for October show that India’s economy is moving in the right direction. The October, 2020 collections of GST have been above Rs 1 lakh crore. This indicates that our economy is back on track,” announced Agarwal in a BJP press conference.

He also added that PMI is an important indicator of the economy. “Its index registered 58.9 per cent in October. This is such a big increase in the last 13 years,” he remarked.

The BJP was on the backfoot since the nationwide lockdown drastically curtailed government’s GST collection and shut down industries. The opposition, mainly the Congress party regularly targeted the BJP and the government over job losses. Now, with the economy opened up, these new figures have given confidence to both the government as well as the ruling party.

“Our PM and FM aren’t resting on all the positive economic indicators so far and are working very hard to make the numbers even better for November,” he said. He went a step ahead and reiterated that the government is “still working towards” its target of turning India into a $5 trillion economy by 2024.

Saying that the government is committed to reforms, Agarwal added, “Reforms in agriculture and labour laws will help the economy further. Industrial policy, retail trade policy, logistical policy and more have been transformed under Atma Nirbhar Bharat. The auction process of coal blocks will also begin soon.”

India Will Be Global Leader In Post-Covid Economy: Jitendra Singh

Union Minister Jitendra Singh said on Tuesday that India will emerge as the global leader in post Covid-19 world economy. Interestingly, the remark comes on a day the BJP also held a press conference to reiterate the government’s promise of becoming a 5 trillion dollar economy by 2024.

“India will emerge as the global leader in the post Covid-19 world economy. The preemptive steps taken by the Indian government in enforcing earliest lock down saved many lives and further damage to the Indian economy. The lock-down period has taught us many lessons of life and this adversity has emerged as a virtue for us,” said the Union Minister of State of the PMO. He added that it will be made possible “under the able leadership” of Prime Minister Modi.

He was speaking while after inaugurating a Webinar on “Economic Revival through Capital Markets post Covid-19” here on Tuesday.

The webinar was organised by the Institute of Company Secretaries of India.

Speaking about the role of India’s North-Eastern Region in the nation’s economy, Singh, who also heads the DONER Ministry, said that the North-Eastern Region will be one of the favourite business destinations of India post COVID-19 and bamboo is going to be the key pillar of the economic activities.

Describing bamboo as a silver lining in the dark clouds of tge pandemic, Singh said, it will help in shaping the economy of North East and entire country in the post-Covid era.

He added that the region is going to play a “very vital role in reviving the Indian economy” post Covid-19 and its development will work as a “new engine” to the economy. He also said that the N-E will emerge as an alternative to European tourist destinations after Covid-19.

He cited only few Covid-19 cases in the north- east region to be the reason.

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