World Bank has appreciated India’s “ambitious government undertaking comprehensive reforms” and projected “enormous growth potential” compared to other emerging economies in the world. It projected 7.3 per cent growth rate in 2018 and 7.5 percent for the next two years for the country. The Global Economics Prospect released by World Bank in Washington on January 9 said that despite initial setback from demonetisation and GST, the estimated growth rate of 6.7 percent was recorded in 2017.
This is considered to be a very important development. APN chose the issue for debating in its 60-minute afternoon show called Mudda. The participants in the debate were: Ashok Kumar Thakur, spokesperson of BJP, Hilal Naqvi from Congress party, Dr. Ravi Singh, a renowned economist, Yogender Kapoor, expert on Taxes, Niranjan Poddar, National President of Council of Agricultural Equipment and Tractor Spares and Govind Pant Raju, consulting editor of the APN.
Ashok Kumar Thakur, spokesperson of BJP, while initiating the debate said that present Narendra Modi government is trying to help the poor and middle classes which would help revive the market. It has been trying to utilise the funds for public welfare which used to be spent on rich.
On the other hand, Hilal Naqvi, the spokesperson for Congress party, asserted that World Bank report has acknowledged that India has capacity to grow. However, it has not accepted that India is growing.
Dr. Ravi Singh, the renowned economist, said that this time BJP government will give public friendly budget, which would have direct impact on 2019 Lok Sabha elections. He asserted that India’s economic growth is much slower than China and US. However, he said that Foreign Direct Investment (FDI) has crossed over $ 60 billion, much beyond the expectations. The business figures are expected to grow next year, he added.
Niranjan Poddar, national president of Council for Agricultural Equipment and Tractor Spares, said that the government schemes were beyond public understanding. It abandons projects unaccomplished and begins another. This attitude burdens public and economy get affected, he added
Yogendra Kapoor, a tax expert, said that the number of registered tax payers has grown after the introduction of GST. However, Govind Pant Raju, the Consulting editor of APN said that that there is downfall in real estate business. But denometisation should not consider responsible for its downturn.
Compiled by MA Kazmi