The government aims to place India among the top three world economies by 2025: Anurag Thakur

CHANDIGARH: Affirming that the world has confidence in India and its economy Union Anurag Thakur said on Sunday that the government aims to make India one of the top three world economies by 2025.

“We have become the world's 5th largest economy and in the next five years, the target is to make India among the top three economies of the world,” the minister of state for finance and corporate affairs said.

The minister addressed a press conference here after meeting with stakeholders from various trades and industries during an interactive session organized by the tax department in collaboration with IIC.

He also referred to the recent initiative of the Vivaad se Vishwas government, a plan to resolve disputes between taxpayers and taxpayers.

Thakur said several financial institutions, including IMF and RBI, have projected that India will again achieve rapid growth.

With the third quarter GDP falling to 4.7 per cent, the Congress has accused the government of "ruining" the economy by "monumental mismanagement”.

“They ( IMF , RBI) have said India is bound to grow in financial year 2020-21 at the rate of 6-6.5 per cent, that clearly indicates that the world has confidence in India and Indian economy ... And Modi government is taking all the steps in that direction,” he said.

If FDI inflows are observed during the last five years in the country, they far exceed FDI during the 10 years of the UPA rule, Thakur said, adding that the country's foreign exchange reserves (Forex) have increased to a historical maximum. $ 476 billion.

He said the fiscal deficit, which used to be 5.2 percent during the UPA regime, has been reduced to 3.3 percent, although “this year it will be 3.8 percent and next year we will lower it to 3.5 percent.

Thakur, who represents Hamirpur as a deputy, said that Narendra Modi's government has demonstrated what fiscal discipline is.

“Inflation, which used to be 12 percent, was reduced to 4 percent. All macroeconomic indicators indicate that India is moving in the right direction ..., he said.

Attacking the Congress, he alleged that it was during the UPA rule that economy had been mismanaged.

There were scams, the real state of bank NPAs was hidden, inflation was high, he said.

About the possible impact of outbreak of in China on world economy , he said India's finance minister Nirmala Sitharaman recently held a meeting with industry to seek feedback in this regard.

We are seeking comments from the industry and the government will take appropriate measures, he said.