It sounds like music to ears when the likes of former prime minister of Singapore, Goh Chok Tong say that while the world is worried about slowing down of the global growth India shines bright as a beacon of hope that had the capacity to drive the world economy for coming decade.
He also added that, one should pass the message to Prime Minister Modi that India is growing and now it is engine of the world for the next 10 years as China is slowing. He further added that world economy can now depend on India for the growth push and it is not just China that the world needs to depend on. The world not just depends on China for pushing growth, India can be a very big partner.
These words would have cheered up Finance Minister Arun Jaitley too who is also currently in Japan for a six-day tour. Mr. Tong is also attending the Future of Asia Conference which is organised by Nikkei in Japan.
When Mr. Tong said that, "India is a hope for us. India is at a stage China was 10 years ago to amend slack in the economy", he says that based on India's latest GDP figures. India's GDP growth for the last quarter of 2015-16 was 7.9% while for the whole financial year 2015-16 was 7.6%.
Fiscal deficit figures:
India continues to grow with robust macro-economic and fiscal parameters. As per the provisional accounts for 2015-16 which were released by the Government of India yesterday, fiscal deficit for the year stands at 3.9% of GDP which is significant improvement over the fiscal deficit of 4.1% in 2014-15 and 4.7% in 2013-14.
Revenue deficit figures:
Thanks to increase in capital expenditure by the Union Government revenue deficit has come down too. It was 3.2% of GDP in 2013-14 and 2.9% of GDP in 2014-15. The last year it was 2.5% of GDP. The amount spend as capital expenditure in the year 2013-14 was Rs. 47,578 crore, it was Rs. 38,572 crore in the year 2014-15 and last year it was Rs. 2,35,253 crore.
These figures along with the figures of plan expenditure, gross tax collection, devolution of tax collections to state governments will all help Finance Minister Arun Jaitley to attract more investments for India.
Mr. Jaitley has been urging infra sector companies in Japan to partner India's growth story. He has been telling the Japanese investors that red carpet has replaced red-tape in India. He has also talked to media about reforms prospects in Indian economy for investors.