No economic slump? Measurement and understanding the issue, says Puri: ORF

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Union minister Hardeep Singh Puri disputed claims that economy is in a slowdown, saying it is a problem of "measurement" and lack of proper understanding, according to a statement by think tank Observer Research Foundation.

Puri noted that India is going through a "phase of rapid and aggressive structural adjustment", the statement said.

He was speaking at release of an ORF-AMCHAM Report titled 'India at USD 5 trillion: Strengthening Opportunities, Removing hurdles'.

Puri said there was a need for a change in land laws but felt that this was not an easy area as land was a state subject, the statement said.

It said Puri disputed critics' claim that the economy was in a slowdown, saying it was "a problem of measurement" and "lack of proper understanding".

Puri said the government would come up with a new rental policy soon which would help release the now idle residential spaces, it said.

The report envisioned India as the world's third largest economy, after the US and China, in a decade, having set its sights on a GDP of USD 5 trillion in the next five years and USD 10 trillion by 2032.

The report stated the trade and commercial linkages between the two countries have built an important multi-faceted partnership in the last 70 years and the partnership is only likely to grow and strengthen substantially, with India becoming an integral part of the global supply chain, the statement said.