New Delhi: The discussion about recession is hot in the country these days. Many international institutions have raised concerns about the recession in India. But the government has been continuously rejecting these fears and concerns. Union Minister of Commerce and Industry Piyush Goyal has also given a statement on this issue. Goyal said the recent economic slowdown is cyclical which is not going to last long. The Union Minister said that this is the right time to invest in India.
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However, Goyal admitted that the country's economic growth had reached a six-year low in the last two quarters (January-March and April-June 2019). Talking about the India Energy Forum, Goyal said that an economy like India has huge opportunities, it can do better if there is no such economic slowdown, he said that challenges have increased in recent times. The current softening is cyclical and provides opportunities in various fields. He further said that if we leave the last two quarters, then we have done very well for about four to five years.
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He said that sluggishness is in certain sectors, while there are good opportunities in many other sectors. Goyal said that I am seeing lethargy, but I am not afraid of it, it is an opportunity for all of us to reevaluate the capacity, productivity and cost of production. Referring to the right time for investment in India, the Union Minister said that before the economy is strong again, investors can invest through direct funds. He said that the government is taking steps to promote economic growth, about the government's efforts to accelerate economic growth, he said that in the last five years, India has seen a collective investment which is two and a half times that of the last five years.