New Delhi: Union Minister Prakash Javadekar on Sunday said that the fundamentals of the economy were “good” and the “temporary” fall in GDP growth rate would come back on “track very soon”.
“It is a little diversion. This is a temporary thing. It will come to track very soon,” Javadekar said when asked how India will achieve the ambitious goal of becoming a USD 5 trillion economy with a low growth rate.
“Our fundamentals are good and we will march as per our plan and achieve our target of becoming the USD 5 trillion economy,” he added.
Calling the GDP growth rate slump as “normal”, Javadekar said that the slowdown is a cyclical process, and such a patch will not hurt the country’s progress rate.
“Even during the UPA rule when the growth rate was about 7-8 per cent, there was a quarter when it fell to 5 per cent. This is not the case that it does not happen anywhere. Even big economies like the US face this,” he told reporters.
The Minister said that the fundamentals of the economy were “good” and asserted that the ambitious goal will be achieved.
Javadekar was addressing the media on the occasion of Prime Minister Narendra Modi’s government completing 100 days, after coming to power for a second consecutive term with a massive mandate.