Finance Minister Nirmala Sitharaman has said that economic activity in the country has been good across sectors and all segments are growing significantly. Replying to a short duration discussion on the economic situation in the country in the Rajya Sabha on Thursday (7th December 2023), Ms Sitharaman said, India is the second most sought-after manufacturing destination in the world. She also listed India’s achievements across industries during her response at the discussion which started on Tuesday.
The Finance Minister said, direct tax collection grew 21.82 per cent this year and monthly Goods and Services Tax collections stabilized at 1.6 lakh crore rupees, as sign of economic growth. She said, July to September GDP was high and India continuously maintained momentum of being the fastest growing major economy. Ms Sitharaman said, during the same quarter, the third and fourth largest economies of the world contracted. She said, for India to reach 7.6 per cent in the second quarter is a very significant number.
The Minister said, in just last eight years, India has become the world’s fifth largest economy. Ms Sitharaman informed that because of the Make In India programme and Prime Minister Narendra Modi’s production-linked incentive (PLI) schemes, the manufacturing sector is also now significantly contributing to the economy.
She said, unemployment rate has declined to 10 per cent from 17.8 per cent in 2017-18. The Minister said, the Government has taken several steps to check inflation.
The Upper house on Thursday (7th December 2023) resumed the short-duration discussion on the economic situation in the country. Naresh Bansal, Dr Ashok Bajpai and Ram Chandra Jangra of BJP, V Shivadasan of CPI(M), L Hanumanthaiah of Congress, M Shanmugam of DMK participated in the discussion among others.
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