India can achieve double-digit growth with expansion of manufacturing base

India has the potential to achieve double-digit growth through a healthy dose of digital services and manufacturing base expansion which will be driven by demand from the rural sector, youth and the aspirational middle class, Union Minister Anurag Singh Thakur said on Saturday.

The minister of state for finance said that in the past six years, the Modi government has consistently introduced reforms that have brought about significant changes.

Union Minister said, “And now all indicators, from inflation to fiscal deficit, from forex reserves to current account deficit, from GDP growth to financial inclusion– all point to a very stable and sustainable economic position.

India can achieve double-digit growth with expansion of manufacturing base:  Union Minister Anurag Singh Thakur - The Financial Express
Credit: Financialexpress

Consequently, Talking about the recovery post unlock, he added, it has been broad-based and has not come only from the agriculture sector.

Of the 48 high-frequency indicators used by the Reserve Bank to track the economy, 30 parameters overtook the February’s level, he said addressing 48th National Convention of Company Secretaries.

“We have seen stellar recovery in passenger vehicle sales, 2-wheeler sales, oil consumption, steel production, cement production, international air cargo amongst other areas,” he said.

Due to the gradual and thoughtful unlocking of the lockdown and the resumption of the business activities in the second quarter, he said, “we are looking at a strong economic revival, based on strong fundamentals and a slew of structural reforms.”

Thakur, who was conferred the honorary membership of the Institute of Company Secretaries of India (ICSI), said india is building a conducive ecosystem for enterprises and entreprenuers to emerge as dominant global players.

Prime Minister Narendra Modi’s economic strategy of Aatmanirbhar Bharat is not only aimed at self-reliance but also sustainability across sectors, he added.

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