English
New Delhi: As India’s GDP growth accelerated to 8.2 per cent during the period from April to June of 2018-19, Economic Affairs Secretary Subhash Chandra Garg hoped that Indian economy has completed its recovery process and will exceed 7.5 per cent growth rate in fiscal 2018-19. “With this quarter, I think the V-shaped recovery process is complete,” said Garg, while commenting on the April-June quarter growth number.
Speaking to reporters, he also asserted that India will meet its fiscal deficit target of 3.3 per cent and expressed his belief that both oil price hike and rupee depreciation are temporary.
The statement come hours after the data released by the Central Statistics Office (CSO) revealed that the GDP at 2011-12 prices in the first quarter of 2018-19 registered a growth of 8.2 per cent, up from 7.7 per cent in Q4 of 2017-18 and 5.6 per cent from year-ago corresponding quarter.
Meanwhile, Finance Minister Arun Jaitley said that 8.2% growth has represented the potential of New India in an environment of global turmoil.
India’s GDP for the first quarter this year growing at 8.2% in otherwise an environment of global turmoil represents the potential of New India.
— Arun Jaitley (@arunjaitley) August 31, 2018
Taking to micro-blogging site Twitter, Jaitley said,”India’s GDP for the first quarter this year growing at 8.2 per cent in an otherwise environment of global turmoil represents the potential of New India. Reforms and fiscal prudence are serving us well. India is witnessing an expansion of the neo middle class.”
“We predicted growth would be in the range of 7 to 7.5 per cent annually. I think we are reasonably confident now that we might even exceed the higher end of our projection and therefore Indian economy would be performing robustly and will definitely be the highest growing economy in the world,” the Finance Ministry official said.
Sharing highlights of the GDP data, he said 13.5 per cent growth in the manufacturing sector though on a low base of last year signals a very good turnaround.
Hailing the rapidly growing GDP, Bharatiya Janata Party chief Amit Shah said,”India’s rapidly growing GDP is a reflection on the transformative changes being ushered in by Prime Minister Modi’s government. Indian economy is witnessing unprecedented growth in every sector, from manufacturing to agriculture.”
(With inputs from agencies)
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