BJP Leader Gourav Vallabh Highlights India’s Economic Growth and Low Inflation
BJP leader Gourav Vallabh praised India’s economic performance, noting high growth and low inflation, following the Economic Survey 2023-24 presented by Finance Minister Nirmala Sitharaman.
Economic Performance
Vallabh highlighted that India is the only country with high growth and low inflation, with an 8.2% growth rate and inflation below 5% for the financial year 2024. He attributed this to the economic policies of the last decade.
GST Collection and Employment
He also mentioned that the June 2024 GST collection was Rs 1.45 lakh crores. Citing a State Bank of India report, Vallabh noted that 12.25 crore jobs were created between 2014-2023, with 9 crore in the manufacturing and service sectors.
Future Prospects
Vallabh expressed confidence that the Economic Survey 2023-24 shows positive signs for India to become the world’s third-largest economy by 2047, aligning with PM Modi’s vision of ‘Vikshit Bharat’.
Economic Survey Insights
The Economic Survey presented by Finance Minister Nirmala Sitharaman indicated that India could sustain a 7% growth rate in the medium term with cooperation between the Union Government, state governments, and the private sector. The survey also highlighted the need for bottom-up reforms and governance strengthening to ensure balanced and inclusive growth.
Doubts Revealed
BJP -: BJP stands for Bharatiya Janata Party, which is one of the major political parties in India.
Gourav Vallabh -: Gourav Vallabh is a leader and spokesperson of the Bharatiya Janata Party (BJP) in India.
Economic Survey -: The Economic Survey is a report presented by the Indian government that reviews the country’s economic performance over the past year and gives an outlook for the future.
Finance Minister -: The Finance Minister is a government official responsible for managing the financial and economic affairs of the country. Nirmala Sitharaman is the current Finance Minister of India.
Inflation -: Inflation is the rate at which the general level of prices for goods and services rises, meaning things get more expensive over time.
GST -: GST stands for Goods and Services Tax, which is a tax on the supply of goods and services in India.
Rs 1.45 lakh crores -: Rs 1.45 lakh crores means 1.45 trillion rupees, which is a very large amount of money collected as GST in June.
State Bank of India -: The State Bank of India (SBI) is the largest public sector bank in India.
PM Modi -: PM Modi refers to Narendra Modi, who is the current Prime Minister of India.
Vikshit Bharat -: Vikshit Bharat means ‘Developed India,’ which is a vision for making India a highly developed country by 2047.
