The budget will have an 'action plan' on economics: Prakash Javadekar
NEW DELHI: The government will present its action plan to boost the economy in the Union Budget that will be presented on February 1, Minister of the Union Prakash Javadekar He said Wednesday, stating that the economic fundamentals remain very strong.
In response to a question about the downward revision of India's growth rate by the International Monetary Fund ( IMF ), said the economy is on the road to rebirth and that no one should have a pessimistic view about it.
From the Union Budget, you will get the government action plan. Our fundamentals are very solid. Therefore, no one should create a pessimistic view of the Indian economy, the Minister of Information and Broadcasting said at an informational meeting after the Union Cabinet meeting.
Affirming that the economy was on the road to rebirth, he said there are ups and downs in the world economy and that he has a reflection on the economy of the countries.
The IMF had on Monday lowered growth estimate for India to 4.8 per cent for 2019, citing stress in the non-bank financial sector and weak rural income growth as the major factors for the downward revision.
While providing an update on the global economy before the start of the World Economic Forum (WEF) annual summit, the IMF cut its India growth forecast.
India-born IMF Chief Economist Gita Gopinath He had said that growth in India slowed sharply due to stress in non-bank financial sectors and weak rural income growth.
Opposition parties have been attacking the government for the economic slowdown and its policies.