Increase in infrastructure spending will place the economy on road to higher growth.
India would shortly achieve the targeted 3 per cent fiscal deficit level and it will be more permanent and sustainable in nature, Economic Affairs Secretary Subhash Chandra Garg said.
The Central Statistics Office (CSO) is scheduled to come out with GDP estimate for the fourth quarter (Q4) of fiscal 2017-18 and provisional annual estimates for the year 2017-18 on May 31.
The report further noted that inflation accelerated in 2017 mainly as a result of increased food and fuel prices following severe floods in several countries and rising global oil prices.
The growth will accelerate from 7.3-7.4 per cent in first half of 2018-19 to 7.3-7.6 per cent in the second of half of the current fiscal, said the first bi-monthly monetary policy statement for 2018-19.
After the ceremonial opening attended by President Xi Jinping and around 3,000 delegates, Premier Li outlined the government’s achievements last year and targets set for this year.
Registering a major jump, India’s GDP for the third quarter of 2017-18 grew at 7.2 per cent, official data showed on Wednesday. The GDP growth during the second quarter of the fiscal was at 6.5 per cent.
The government will release GDP data today. India’s expected improvement on its 6.3 per cent growth in July-September comes as its manufacturing and services sector have been overcoming teething troubles rooted in the bumpy launch of GST.
Twenty-seven days before the Budget, it was an awkward time to speak extensively on the state of the economy or to give any assurances.
Almost all steps in the strategy to revive investment are likely to be slow and painful. There are no shortcuts
“When Manmohan Singh brought some reforms in 1991-92, our GDP was reduced to 1.8. In comparison to that, it’s an achievement that even after huge reforms like GST and demonetisation, our GDP didn’t face that reduction,” Rajiv Kumar said.
An estimate of 6.5 per cent GDP growth rate for the full year implies estimation of 7 per cent growth rate for October-March
The Central Statistics Office (CSO) is scheduled to release its advance estimates of national income 2017-18 on Friday.
GDP numbers confirm the worst is over for the economy. The task of revival lies ahead
Blaming the dismal Q1 slowdown due to poor consumption demand, contraction in manufacturing due to GST disruptions, and declining in mining activity, SBI economists said recent macroeconomic indicators point to an overall recovery.