Gandhinagar: The macroeconomic fundamentals of India are quite powerful and their economy is presently rising at the world's fastest rate, Union Home Minister Amit Shah said Thursday. In addressing a convocation ceremony here, the home minister said the economy was in a shambles when the government of Narendra Modi took over in its first term in May 2014, but things have improved over the past five years."Even today India is the fastest-growing economy of the world with around 7 per cent (GDP) growth," Shah said. Industrialist Mukesh Ambani, who is the promoter of the university, was present on the occasion.We have managed to maintain the inflation rate below 3% in the last five years. While the fiscal deficit (the gap between spending and income), at 5%, has fallen to 3.5%, "Shah said.
"Prime Minister Narendra Modi said that India should develop to be the third most economically advanced country, and that is why we are moving forward with micro-planning," he said.The home minister said FDI (foreign direct investment) in India has also increased. Shah said India's goal is to become a USD 5 trillion economy in the next five years and without contribution from the energy and petroleum sector, this goal can't be achieved.
These include relaxing FDI regulations, releasing Rs 70,000 crore assets to public sector banks to increase credit to various sectors industries, receiving a big portion of RBI funds, and withdrawing start-up angle tax for startups.
Speaking to the graduating students present at the event, Shah said they would start a fresh innings where they would add to the country's growth. He instructed them not to set tiny objectives and to look at the larger image at all times.
