Finance Minister Nirmala Sitharaman today said India continues to maintain the momentum of the fastest-growing major economy, with all sectors contributing significantly in economic activities.
Replying to a short-duration discussion on the state of the economy in the Rajya Sabha, the minister also highlighted the various achievements of the Modi government since May 2014.
"The second quarter growth was very high, it is the highest in the world. We continuously maintain that momentum of being the fastest-growing economy," Ms Sitharaman said.
She further said that in just the last eight years, India has become the fifth largest economy from the 10th in 2014.
"The activities are all across the economy. It's not as if one sector is doing well...All sectors are growing and growing significantly for us to notice it," she said.
She emphasised that the manufacturing sector is also contributing significantly to the economy on the back of measures taken by the government, including the Make-In-India programme and production-linked incentive (PLI) scheme.
India is the second most sought-after manufacturing destination in world, she added.
The finance minister further informed the House that direct tax collection grew by 21.82 pc this year till November 9 and monthly GST collections have stabilised at Rs 1.6 lakh crore in a sign of economic growth.
Dismissing assertions on the employment front, Ms Sitharaman said the unemployment rate has declined to 10 per cent from 17.8 per cent in 2017-18.
She further said 13.5 crore people have come out of 'multi-dimensional' poverty in the last five years.
Several Opposition members also raised concern over the rising prices in the country.
To this, the minister replied that the government has taken "quite a few" measures to check inflation.
The retail inflation based on the consumer price index (CPI) had touched a high of 7.8 per cent in April 2022. However, now it has been close to the Reserve Bank's target of 4 per cent.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
GST Council Exempts Gene Therapy, Cuts Tax Rate For Rice Kernels 15,000 Crore Of Vijay Mallya, Nirav Modi's Assets Restored To Banks: Centre "Balraj Sahni Was Arrested...": N Sitharaman vs M Kharge Over Constitution "Intention To Dupe UPSC": Ex-IAS Trainee Puja Khedkar Denied Pre-Arrest Bail "Congress Should Be Ready...": Mani Shankar Aiyar's Big INDIA Bloc Remark 3 Marriages, Rs 1.25 Crore: How 'Looting Bride' Targeted Rich Men More Than Half Of Kolkata's Iconic Yellow Taxis To Be Off Roads In 2025 Data Exclusivity Anti Poor, Anti-Farmer, Anti Self-Reliance: Ashwani Mahajan Year Ender 2024: What Donald Trump's Return To White House Means For World Track Latest News Live on NDTV.com and get news updates from India and around the world.