Calling India the fastest growing economy in the world, union minister of commerce and industry Suresh Prabhu on Friday said 2019 interim budget addresses rural economy in a very significant way.
"The US economy is likely to slowdown, Europe has already slowed down, China is also slowing down and Association of Southeast Asian Nations (ASEAN) depends largely on the eastern Asian economies, so it will also have a ripple effect of that. So in that context, Indian economy is doing extremely well despite the huge challenges that are posed in the world economy," Prabhu said.
The minister said India's economy is now touching $2.6 trillion and in future country will become $5 trillion, $10 trillion over a period of time, "So we must move towards providing social security cover to a larger section of people, which is not available today. So, therefore insurance cover to unorganised sector and other factors will lead us to growth as consumption will also grow in a significant way."
On the budget promise of minimum income support to farmers, Prabhu said, "It is not income. It is a sort of a subsidy given to the farmers. Rather than going and approaching the money lenders, now he can use this money as capital. So, this is his equity and it allows him to get even more loans."