Union Minister of Home Affairs and Cooperation Amit Shah said on Friday that India is likely to become the fastest-growing economy in the world in the current financial year.
“We are reaching the pre-COVID levels. July to September GDP number has been at 8.4 per cent and I think in the year 2021-22, India is likely to become the fastest-growing economy in the world. I will not be surprised if we touch double-digit growth,” Shah said while addressing FICCI’s Annual Convention & 94th Annual General Meeting.
Shah said out of the 22 parameters of the economy, India has exceeded in 19 parameters, and this shows that the country has come out strong from the crisis. “Both manufacturing and service sector index has reached the pre-COVID levels. With the announcements of various packages and relief, our inflation is within the targeted range of 4-6 per cent as set by the government,” he added.Highlighting the potential of the MSME sector, Shah said that till the time “we encourage and strengthen this sector we cannot address the issue of unemployment in the county”. He also emphasized on the need of spending more in the R & D sector.
The Home Minister pointed out that FICCI’s Annual General Meeting was happening at an important juncture as on the one hand, the world is slowly coming out of COVID and on the other hand, India is celebrating Azadi ka Amrti Mahostav. The time has come for FICCI to come forward and increase its role in India’s growth along with exploring new areas of opportunities, he noted.