‘Various schemes launched by Government yielding results’

Source: The Hitavada      Date: 30 Aug 2018 10:05:14


 

 

Business Bureau

HIGHLIGHTING the economic and development strategies of Prime Minister Narendra Modi, Dr Vinayak Govilkar, renowned chartered accountant, economist and author of the book ‘Modinomics’, said that various development schemes introduced by the Government since 2014 were bearing fruits and being recognised by the International Monetary Fund (IMF), World Bank and other international bodies.


He was speaking on the topic - ‘Bharatiya Arthavyawastha: Dasha and Disha’ at the first Late Bhausaheb Chandrayan Memorial Lecture organised here by Centre for Development Research (CDR) in association with The Institution of Engineers recently. He said that the Government has given a new direction to the economy through the reforms process to meet the growing aspirations of the citizens. The book ‘Modinomics’ sheds light on various schemes launched by the Government and measures the various schemes introduced by the Government to stimulate the economy on different parameters with in-depth references and data.


He said that in a recent report, the country’s purchasing power parity ranks third compared to more than 200 countries in the world. In 2010, country’s Gross Domestic Product (GDP) or growth rate was at 10th position which has in 2018 improved to an impressive 6th position surpassing Russia and Italy. Even the World Bank, in its report, has acknowledged India as the fastest growing economy. Also, Asian Development Bank, in its report, ‘Asian Development Outlook’, has predicted the country’s GDP at 7.6 per cent by 2019, more than China’s growth rate for the same period.


Similarly, ‘Ease of doing business’ ranking has improved to 100th position in 2018 compared to 142nd position in 2014. Inflation has also eased to 3.5 per cent to 4 per cent in 2018, compared to 10 per cent in 2014. The Current Account Deficit (CAD) is at 1.8 per cent of GDP in 2018, compared to 4.3 per cent in 2014. Also, forex reserves are at record high levels. “In the same manner, Moody’s for the first time in 13 years, has raised country’s ranking which was a remarkable achievement, he added.


“Government has brought in sweeping changes in economic reforms by giving equal importance to policy formation and implementation, mainly focusing on agriculture, manufacturing, infrastructure, social welfare and social security measures which has brought in positive results benefiting the common man,” he said.


Prominently present were Dr Kapil Chandrayan, President of CDR, Dr Vinayak Deshpande, former Vice-Chancellor of RTMNU, Dr Dilip Mase, President of The Institution of Engineers and Dr Milind Pathak, Secretary.