Vice President of India Venkaiah Naidu on Friday admitted that Indian economy was facing “some challenges” as economic growth has declined in this fiscal year.
There are media commentaries questioning India’s growth story, but it is not for the first time India has faced such skeptic comments, he claimed.
Naidu was addressing the inaugural session of 102nd Annual conference of Indian Economic Association being hosted by Pt. Ravishankar Shukla University, Raipur and was participated by scholars, researchers, business leaders and wealth creators.
“The conference is being organised against the backdrop of recent economic figures. Each time, we bounced back with higher growth rate,” he claimed.
He said a faster economic growth is indispensable to unleash latent potential of Indian economy and to create more employment opportunities for realising demographic dividend and long-term poverty removal.
Notwithstanding the GDP figures, India remains one of the fastest growing bigger economies of the world. “I must caution that a figure by itself may not always reveal the real story and strength of the economy, unless it is placed in the context of recent policy initiatives, legislative architecture and institutional framework,” Naidu said by listing out government initiatives.
Vice president pointed out as a Nation, the resolve is to make economy a US $ 5 Trillion economy by 2025, double the income of farmers by 2022, provide affordable housing to all and connect every household with 24 hour power supply and piped drinking water by 2022, by 75th year of independence.
“These are ambitious targets, but these services should have been delivered to our people. These targets will need resolute policy action, technology intervention and entrepreneurship and financial resources”, he pointed out in the context to digitalization and other reforms.