India Is One Of Fastest Growing Economies In World: Shah

With 8.2 per cent growth, India is at present one of the fastest-growing economies in the world and the coal and mines sector of the country is contributing considerably to the present economic growth, said Union Minister Amit Shah on Tuesday. 

Addressing the 6th National Conclave on Mines and Minerals organised as part of AKAM Iconic week celebrations by the Mines ministry, Shah said that the reforms undertaken by the present government have resulted in eliminating deep-rooted corruption existing in coal block allotments.  

He said that Prime Minister Narendra Modi has always given utmost priority to ensuring reforms in the mining sector so that it can further contribute to the overall economic growth of the country. 

These reforms have resulted in noteworthy improvement in coal production domestically and the imports have reduced considerably, the minister said. 

The mining sector is of paramount importance in generating income for States and multiple employment avenues, Shah added. 

Meanwhile, the Reserve Bank of India has retained the real gross domestic product (GDP) growth projection for 2022-23 to 7.2 per cent, 3 with Q1 at 16.2 per cent; Q2 at 6.2 per cent; Q3 at 4.1 per cent; and Q4 at 4.0 per cent. 

The capacity utilisation improved to 74.5 per cent in the March 2022 quarter as compared to 72.4 per cent in Q3 and it is likely to grow further, said RBI Governor Shaktikanta Das while addressing the media. 

Amid the recovery in domestic economic activity, the central bank said that rural consumption should benefit from the likely normal south-west monsoon and the expected improvement in agricultural prospects.