With the current investment strategy, the rapid growth of 8% can continue for the next two decades: Railway Minister

According to the Union Minister, due to this rapid growth, 1 to 1.5 crore new jobs will be created every year and 3 to 3.5 crore people can be taken out of poverty line every year.

Fast growth in the economy will continue

India’s economy from the current capital investment strategy of the government (Economy) a steady increase of 8 percent over the next two decades Growth ,GDP Growth) can be maintained. Railway Minister Ashwini Vaishnav has expressed this confidence. According to the Union Minister, the capital investment of the government (capital investment) The strategy will not only accelerate the growth rate continuously, but with the help of this 1.5 crore jobs will be created every year and 35 crore people will be taken out of poverty line. The Railway Minister said this in the annual meeting of ASSOCHAM. He said that the government has set a target to increase the level of capital investment from 27 percent to 35 percent of GDP for the next five years in the budget.

Growth will be accelerated by increasing investment

The Union Minister said that if we continue the strategy of capital investment for the next 5 to 6 years, then we can achieve continuous growth of 8 percent in the next 20 years. This growth will mean that we will be able to create 1 to 1.5 crore new jobs every year and at the same time 3 to 3.5 crore people can be taken out of poverty line every year. With the help of this strategy, we will be able to bring a big change in our society. The minister said that we have been a consumption-based economy for a long time and now the Prime Minister has taken the path of increasing capital investment despite the reluctance of many big economists. According to the Union Minister, many big economies were running on the advice of big economists and now they are in bad shape. However, the government of the country has now adopted the path of investment, limited spending, reforms and incentives to private companies. America, Japan, China and South Korea are continuously following this path of capital investment.

Government’s focus on increasing capital investment

The Union Minister informed that by the end of the financial year 2021, the country’s nominal GDP was at the level of Rs 198 lakh crore. The target was to increase it to the level of Rs 225 lakh crore. Out of Rs 198 lakh crore, about Rs 116 lakh crore came through consumption which is 59 per cent of GDP and Rs 53 lakh crore came from investment which is 27 per cent of GDP. About 60 percent of GDP, decided to increase capital investment. In the last year’s budget, a decision to invest Rs 5.5 lakh crore was taken, according to him, the nominal GDP crossed the target of Rs 225 lakh crore last year and reached the level of Rs 232 lakh crore. The Union Minister said that the effect of capital investment is now visible, that is why the government has now increased the level of capital investment to Rs 7.5 lakh crore. This is estimated to add Rs 22.5 lakh crore to the Indian economy.

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