India's economy moving in right direction: BJP

The BJP on Tuesday said the figures show that under the leadership of Prime Minister Narendra Modi the country's economy is moving in the right direction and is on an upward trend. Addressing a press conference at the BJP headquarters, BJP’s spokesperson for economic affairs Gopal Krishna Agarwal said this upward trend in the economy is visible across all sectors as 470 companies reported a remarkable post-tax profit in their earnings of the July-September quarter.

New Delhi:The BJP presented the latest economic data on Tuesday to claim that not only is the economy of the country back on track but is on an upward surge.

BJP’s spokesperson for economic affairs Gopal Krishna Agarwal cited GST collections of October among other indicators to reiterate his party’s position that India is still on course to become a 5-trillion-dollar economy by 2024.

“Some figures for October show that India’s economy is moving in the right direction. The October 2020 collections of GST have been above Rs 1 lakh crore. This indicates that our economy is back on track,” announced Agarwal in a BJP press conference.

He also added that PMI is an important indicator of the economy. “Its index registered 58.9 per cent in October. This is such a big increase in the last 13 years,” he remarked.

The BJP was on the backfoot since the nationwide lockdown drastically curtailed the government’s GST collection and shut down industries. The opposition, mainly the Congress party regularly targeted the BJP and the government over job losses. Now, with the economy opened up, these new figures have given confidence to both the government as well as the ruling party.

“Our PM and FM aren’t resting on all the positive economic indicators so far and are working very hard to make the numbers even better for November,” he said. He went a step ahead and reiterated that the government is “still working towards” its target of turning India into a $5 trillion economy by 2024.

Agarwal said this upward trend in the economy is visible across all sectors as 470 companies reported a remarkable post-tax profit in their earnings of the July-September quarter.

Saying that the government is committed to reforms, Agarwal added, “Reforms in agriculture and labour laws will help the economy further. Industrial policy, retail trade policy, logistical policy and more have been transformed under Atma Nirbhar Bharat. The auction process of coal blocks will also begin soon.”

(With inputs from agencies)