India economy performing strongly despite global slowdown: J P Nadda

BJP president asserted that economy is moving ahead strongly despite adverse global circumstances as he cited the retail inflation of 4.25% and growth rate of 7.2%

BJP president J P Nadda on Tuesday asserted that the Indian economy is moving ahead strongly despite adverse global circumstances as he cited the retail inflation of 4.25 per cent and growth rate of 7.2 per cent to laud Prime Minister Narendra Modi-led government's performance on the economic front.

He said at a time when many developed countries have been facing economic adversities amid a slowdown following the Covid pandemic, the Indian economy has been growing and doing well.

Food prices have been declining and retail inflation has been on a downward curve, he said.

The Indian economy has grown to be the fifth largest in the world, he noted in a statement.

At a press conference here, BJP national spokesperson Gopal Krishna Agarwal said the Indian economy has also become an engine of growth for the global economy due to the "concerted and visionary efforts" of the government.

Agarwal said India's gross domestic product (GDP) has increased to 3.75 trillion dollars from around 2 trillion dollars in 2014.

"India's economy is not just doing well but for the last two consecutive years, India is the world's fastest-growing economy and in coming years it will continue to remain the world's fastest-growing economy," he said.

"The Indian economy is not only propelling the growth for India but it has also become an engine of growth for the global economy due to concerted and visionary efforts of the government under Prime Minister Narendra Modi.

"This is not merely a statement but supported by several data which has been released in the past week and fortnight," he added.

Referring to government data released on Monday, Agarwal said retail inflation, which is troubling the biggest economies of the world, has come down to 4.25 per cent in India while food inflation, which affects the common man the most, has come down to 2.91 per cent from 3.84 per cent.

"A very important piece of data came yesterday. India's GDP has increased to 3.75 trillion dollars from around 2 trillion dollars in 2014," he said.

"At a time when global headwinds which are restraining the economy globally leading to recession, the NSSO data indicates that the growth rate of the Indian economy has crossed 7 per cent," he said.

"Earlier, many people were apprehensive that India's growth rate will come down from 7 per cent," he added.