Economic Affairs Secretary Shaktikanta Das today said the 7.6 per cent GDP growth is “significant” amid the global turmoil and there is no need to be “sceptical”.
At the same time, he underscored the importance of reforms.
According to data of the Central Statistics Office (CSO), the economy is expected to grow at a 5-year high of 7.6 per cent in the current fiscal.
“The 7.6 per cent GDP growth amid global turmoil, which is going bad to worse, is significant. Need to continue reforms and policy initiatives,” the Secretary said in a tweet.
In another tweet, Shaktinanda Das said: “Looking at our economy, we need to believe in ourselves. No need to be sceptical. That is a soft option.”
The CSO data showed that the economy grew at 7.6 per cent in the first quarter, 7.7 per cent in second and 7.3 per cent in third.
The CSO’s estimate is higher than the Finance Ministry’s mid-year economic analysis, which projected a growth rate of 7-7.5 per cent for the current fiscal. It is also higher than 7.4 per cent estimated by the Reserve Bank of India.
IMF has projected India’s growth at 7.3 per cent while the Asian Development Bank expected India’s GDP to expand at 7.4 per cent in 2015-16. Moody’s Investors Service has put the corresponding figure at 7 per cent for this fiscal.