Our economy has strong fundamentals, can withstand cyclical winds: Anurag Thakur
I do not see any reason to worry. Why are others so worried about this?
We are trying to grow India to be a $5-trillion economy but look at what is coming from the former RBI Governor Raghuram Rajan and Nobel laureate economist Abhijit Banerjee. Rajan has expressed concern over India's fiscal deficit figures stating that it is the likely reason behind the slowdown in Indian economy. The Nobel laureate Abhijit Banerjee has also said that the Indian economy is in a tailspin and is doing very badly. What is your reaction to all of this?
Some people do politics, let them, my best wishes to them. We are bullish about the Indian economy and we have taken the big and bold decisions to boost growth and I can assure you that we are in line with the timeline and the trajectory that we have set for the $5-trillion economy mark.
We have taken the historic decision as far as the corporate tax rate cut is concerned, brought down the interest rates to boost investment and growth in this country, to create more job opportunities. I do not see any reason to worry. Why are others so worried about this? I am very, very optimistic that India is going to do well. Our economy has strong fundamentals, can withstand any cyclical winds.
But will the government loosen the purse strings?
Let me assure you in the last five years, we have maintained three parameters; current account deficit has been under control, fiscal deficit was brought down from 4.9% to 3.4%, the inflation rate which was in double digits has been below 4%.