India’s growth in last 5 yrs has been transformational: Shringla

WASHINGTON: The rapid economic growth and developmental strides of India in the last five years have been transformational and the country is all set to emerge as a USD 5 trillion economy in the next five years, India’s envoy to the US has said.

India is one of the strongest major emerging economies, India’s Ambassador to the US Harsh Vardhan Shringla said at an event organised by the Federation of Indian Chambers of Commerce and Industry with the George Washington University’s Institute for International Economic Policy here on Tuesday.

In terms of fundamentals of the country’s economy, its inflation has come down from over 10 per cent five years ago to about 4.6 per cent, the fiscal deficit has come down from almost six per cent to 3.4 per cent which are very important indicators, he said.

“We have made huge strides in the last five years. I think it has been transformational the way we have grown,” Shringla said.

“Inflation is also seen as an unfair tax on the middle class and the poor. So bringing down inflation, bringing down fiscal deficit is good governance and good management of the economy,” he said, adding that India has been successful in attracting USD 239 billion in Foreign Direct Investment, 90 per cent of which has come through the automatic route. (AGENCIES)