Indian economic growth much weaker than expected: IMF
The International Monetary Fund (IMF) in July projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2 per cent reflecting a weaker-than-expected outlook for domestic demand.
"The country today is in the midst of a dangerously protracted slowdown. And this is something which is not the statement being made only by the Congress party people but everywhere whether you talk to people in the industry, journalists -- the common theme is that the economy is going from bad to worse.
"The dangerous thing about the present situation is that the government is complacent enough to not realise that we are in the midst of a protracted economic slowdown," the former prime minister Manmohan Singh said.
Singh said Prime Minister Narendra Modi has been talking about achieving USD 5 trillion economy by 2024 but in the present situation it looks like a "piped dream".
He said the size of the economy was USD 2.7 trillion in the current financial year and to reach USD 5 trillion economy by 2024, the country needs a growth rate of 12 per cent by the nominal terms and 9 per cent in real terms.
"If the economy is going the way it has been going down quarter after quarter, then there is no hope that the prime minister''s promise of a USD 5 trillion economy becoming reality," Singh said.
Finance Minister Arun Jaitley today exuded confidence that the upward movement of the global economy will also help India which has been growing at the "new normal" growth rate of 7-8 per cent.
Replying to a debate on the second batch of supplementary demands of grants in the Lok Sabha, he said the decision to bring petroleum products under the Goods and Services Tax (GST) will be taken by the GST Council.
The Goods and Services Tax (GST) Council on Monday broke a deadlock over issues of administrative control over assessees and broadly agreed to roll out the GST from July 1, instead of the earlier deadline of April 1..
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