Prime Minister Narendra Modi said that the country's average GDP growth is unprecedented at the Howdy, Modi! event in Houston, Texas. The Prime Minister said that in the last five years, India's GDP growth has in an unprecedented manner averaged around 7.5 per cent. He further added that the economy is growing at a high rate causing low inflation and low fiscal deficit.
His comments come at a time when India's GDP figures touched a six-year low of 5 per cent in the April to June quarter, as mentioned by National Statistical Office (NSO).
PM Modi also highlighted that the Indian taxation system has been simplified under the Goods and Service Tax (GST). The tax regime puts products under separate slabs of 5 per cent, 12 per cent, 18 per cent and 28 per cent.
The Prime Minister also stated that India is the best foreign direct investment (FDI) destination. He said that FDI flow nearly doubled in the 2014-19 period. "The government recently eased FDI norms in single-brand retail and also approved 100% FDI investment in coal mining and contract manufacturing," he said.
PM Modi also emphasised that India was on track to become a $5 trillion economy.
He also spoke about his upcoming meetings with President Trump and said that he hopes the discussions lead to "positive results". "I will have talks with President Trump in the next 2-3 days. I hope in these meetings too there will be positive results," he said.
"In the days to come, I will be speaking with President Trump. He often calls me a tough negotiator, but he himself knows the art of the deal and I am learning from him," Modi said. PM Modi's comment was a nod to Donald Trump's book Trump: The Art of the Deal, co-authored by the President and Tony Schwartz.
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