Raipur (NVI): Vice President M Venkaiah Naidu has expressed confidence that the Indian economy would rebound in the near future, saying the current slowdown was cyclical.
Inaugurating the 102nd annual conference of the Indian Economic Association, Naidu said it was true that the Indian economy was facing some challenges due to the decline in growth this fiscal.
“However, the country had faced similar slumps in the past in the wake of the East Asian financial crisis and global slowdown but bounced back with a higher growth rate every time,” he said.
Referring to the reforms initiated by the government including the introduction of the revolutionary GST to usher ‘ one nation, one tax, one market’, the Insolvency and Bankruptcy Code and the steps taken to curb black money, Naidu asserted that they were aimed at making the economy more robust and more resilient.
Observing that agriculture was the mainstay of Indian economy, the vice president cautioned that various waivers and subsidies would be unsustainable in the longer run.
Stressing the need to diversify the rural economy, he said that rural non-farm activities are equally crucial for the growth of the rural economy.
