Salient points of press conference of BJP National Spokesperson Shri Gopal Krishna Agarwal

 

Salient points of press conference of BJP National Spokesperson Shri Gopal Krishna Agarwal

 

●       The pandemic and war in Europe have pushed the economic issue to the central stage globally.

 

●       Many countries are facing economic challenges - some are on the verge of of sovereign default and some have already defaulted.

 

●       On the other hand, India is the fastest growing economy in the World. India is now the 5th largest economy in terms of GDP and is poised to be the third largest economy in near future.

 

●       There are several positive indicators:

 

❖     Purchase Manager Index (PMI) - services and manufacturing are in expansion mode. In September, Service sector (PMI) is 54.3 and Manufacturing sector (PMI) is 55.1.

❖     Bank credit is steadily growing - In August; year on year growth figure is 15.5%. It is highest in 9 years.

❖     Central Government expenditure in infrastructure is on rise. Capex by PSU is on the rise.

❖     Corporate sector earning is also growing.

❖     Direct tax collection for the year has increased by 24% and GST collection for September has crossed Rs1.47 lakh crore.

 

●       Recovery tracker are showing positive sign:

 

❖     Air Traffic is rising

❖     Retail and Recreation visits on the rise

❖     India's export have hit record high and are increasing further

❖     Defence export is a success story e.g. domestically developed & manufactured Tejas airplanes sales to other countries

❖     City traffic is back on road

 

●       Prospects of economic growth cannot be analyzed through challenges alone but depend on the strength of the institutions to manage them. We have challenges but our strength is based on:

 

❖     Decisive government with strong leadership, prioritizing National interest e.g. crude oil purchase policy in National interest despite of global pressure, bilateral trade in rupee terms with more and more countries.

❖     Strong and well capitalized PSB banks; NPA recovery through IBC.

❖     Corruption free delivery ecosystem through Technology integration; DBT, JAM etc.

❖     Leakage proof collection of direct and indirect taxes.

❖     policy reforms: New Logistic policy, strong connectivity like, rail, road, waterways and Airways; digitisation initiatives like land records, data transparency etc.

❖     Digital economy: Highest number of real-time digital transactions in the World. Approx 678 crore transactions have occurred in September with a gross value of approx Rs.11.84 lakh crore. Internet penetration to nearly 6,25,000 villages at panchayat level, 5G services have been started.

 

●       With the above strengths, we are in better position to meet all challenges:

 

❖     Inflation - It is in control. At 7%, RBI looking to bring it to 6% which is much lower than even in developed countries like the US and European Nations.

➢     Hon’ble PM Shri Narendra Modi Ji’s social welfare schemes are targeted to the poor and vulnerable section of society

➢     PM Kisan Samman Nidhi, Ayushman Bharat, PM Aawas Yojana, 200 days pay in MNREGA, free vaccination to more than 200 crore people, free ration to approx 80 crore people etc.

❖     Employment issues are being tackled at war footing, govt’s support to Entrepreneurship and self employment.

➔    PLI scheme incentive of Rs 4 lakh crore to many sectors

➔    65% defence procurement domestically

➔    Tender below Rs.200 crore are reserved for domestic companies

➔    Easy credit support to MSMEs

➔    Mudra loans for small entrepreneurs

➔    10 lakh government job to be filled in mission mode

➔    100 unicorns with robust start-up ecosystem

 

●       Post Independence, India has scene 3 phases of economic models:

 

❖     The failed socialism of Congress government

❖     The crony capitalism of the UPA government, and

❖     Reform oriented NDA government for corruption free, transparent and free market economy

 

●       We have seen the crony socialist attitude of Rahul Gandhi; publicly abusing Industrialists and hobnobbing with them behind the curtain, and Arvind Kejriwal who is corrupt to the core; electricity subsidy scam, Jal Board scam, corruption in liquor excise policy and in purchasing of Electric buses etc.

 

●       We have a strong and decisive leadership of Hon’ble Prime Minister Shri Narendra Modi ji who has ensured a growing and resilient economy with the welfare of all sections of society.

 

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