The Ministry of Statistics and Implementation said at the Lok Sabha that while India’s GDP growth has been lesser than Bangladesh’s from 2017-20, the comparison is not appropriate. Minister of State (independent charge) for statistics and programme implementation Rao Inderjit Singh said at the parliament on Wednesday that comparing economies of significantly different sizes may not be appropriate.
When AIUDF leader Badruddin Ajmal and DMK leader Kalanidhi Veeraswamy asked if the GDP growth rate of the country has been lagging behind countries like Bangladesh and what has been the growth rate in the last five years, Singh replied: “India has been registering a fair GDP growth rate (at constant prices) of 8.3 per cent, 6.8 per cent, 6.5 per cent, 4.0 per cent and -7.3 per cent during 2016-17, 2017-18, 2018-19, 2019-20 and 2020-21 respectively. Year 2020-21 GDP growth witnessed a decline due to COVID-19 pandemic.”
“Though the growth rates are less than those of Bangladesh during 2017 to 2020, such comparison of economies of significantly different sizes may not be appropriate,” he said, adding that the GDP growth rates of Bangladesh (at constant price) were 7.1 per cent, 7.3 per cent, 7.9 per cent, 8.2 per cent and 2.4 per cent for 2016-20.
The minister added that the government announced a special economic and comprehensive package of Rs 29.87 lakh crore under Atmanirbhar Bharat to revive economic growth and bolster employment. “Union Budget 2021-22 has announced a number of measures to support broad-based and inclusive economic development including a 34.5 per cent increase in capital expenditure and 137 per cent increase in health expenditure,” he said, further citing the Rs 6.29 lakh crore package announced in June 2021.
Answering a question on the $5 trillion economy goal, the minister said that at current prices, the government expects to realise the vision by 2024-25.
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