New Delhi [India], August 19 : Amid the increasing concerns of tariffs, Bharatiya Janata Party (BJP) National spokesperson Syed Zafar Islam on Tuesday asserted confidence that India would be least affected, stating that the reason for the same was the high contribution of local consumption to the country's Gross Domestic Product (GDP).
Addressing a press conference, Islam said that India's economic momentum would continue to grow despite external pressures.
"A lot of people are talking about tariffs these days... I want to tell you in brief that India is such a country that is going to be the least affected by tariffs. What is the reason for that? Today, there is a 57-58% contribution of local consumption to our GDP... Whatever impact there is in our economy, the pace at which it is moving, it is not going to decrease; rather, it will grow faster," Islam said.
He further stated that India is not an export-driven economy, and with a high level of local consumption, it can withstand global disruptions with greater ease.
"That is why when the rating agency saw that there is one such positive thing in India that 20% of the world's population lives in India, there is local consumption and this is not an export-driven economy, India will comfortably bear this problem too..." he added.
Taking a dig at Congress leader Rahul Gandhi, Islam said it was a "doom's day" for the party, which has not been able to register electoral victories in states.
"Congress leader Rahul Gandhi, however, is not able to understand that the country will only move ahead. It is definitely a doom's day for them as they are not able to win elections in any of the states," he said.
Highlighting the ongoing global inflation, the party's spokesperson stated that the food inflation in the country was currently -1.6 per cent, which signified that the prices of food and drinks had decreased, which the Congress party had been unable to comprehend.
"Looking at the global scenario today, inflation in America and the UK is higher than ours. Today, the whole world is grappling with inflation, while here, inflation is under control. The Congress often discusses Food Inflation; I want to tell them that today, food inflation in the country is 1.6%. This means the prices of food and drink items have decreased...Today, the country has a good farming sector, which makes us self-reliant..." he further stated.
Islam also lauded the economic policy reforms introduced under the leadership of Prime Minister Narendra Modi, saying these had enhanced India's growth trajectory and economic resilience.
"At a time, when the world is grappling with economic turbulence and pricing challenges, international rating agencies hold a positive outlook on India's economy. This transformation has been made possible by the government's policy measures and reforms. I thank the people of our nation for choosing a stable and strong government three times in a row... " he said.
"The kind of policies that Prime Minister Modi has adopted since 2014, I can proudly say today that the country's economy has not only become stronger but is also racing forward rapidly. From all institutions and economists around the world, only positive signals are coming regarding India's economy..." he further added.