The report said India has positioned itself as the most dynamic emerging economy among the largest countries and is expected to remain the fastest growing on the back of robust private consumption and significant domestic reforms.
“Today whatever figures, whatever statistics are coming about the impact of demonetisation are broadly, mostly anecdotal and mostly based on anecdotal evidence,” Das said.
“Earlier mindset of policymakers was that just by dishing out a few favours to the affluent you can bring changes in the country’s economy,”said Jaitley.
“We expect growth to gain momentum in 2016-17 fiscal, with headline real GDP up at 7.8 per cent,” DBS said in a research note.
Fake, spin and jumla have been used to describe the latest GDP figures, but commentators appear to be relying, sometimes wilfully, on the wrong parameters.
The government, Jaitley said, is looking at the direct tax reform to bring down the tax rate as also the indirect tax reform through the Goods and Services Tax (GST) regime to create single sales tax for the country.
Jaitley is confident that the reform process that has been started by the government has helped to restore the credibility of the economy, and both domestic and international investors are much more confident about investing in India.
India’s GDP numbers for quarter January-March stood at 7.9 per cent as against 7.3 per cent in October-December, thereby making it the fastest growing economy in the world.
India’s growth rate at 7.5 per cent between January and March, contrasts with neighbouring China, where growth has slipped to 6.7 per cent in the first quarter – the slowest in seven years.
The Prime Minister was speaking to the Journal on completing his second year in office. Modi said that he has set a path for accelerated growth that India’s states now need to help navigate.
Overall wheat arrivals in mandis have been only 25.29 mt so far this marketing season, as against 30.49 mt during the same period last year.
Even as the economy revives, quick decision-making and out-of-the-box thinking, apart from a slew of reformist policies and programmes, have defined the Modi government.
Numbers still below ’12 peaks but sale of LCVs, bikes, cement up — point to consumption-led growth .
Japan reports its economy grew at a better than expected 1.7 percent annual pace in March, as higher government outlays helped offset weakness in business investment and exports.
All three confidence indicators — job prospects, personal finances and concerns — increased from the previous quarter in India with job sentiment, personal finances and immediate spending intentions at consistently high levels.