India's GDP growth to cross 8% mark this fiscal

[mkb95]

NEW DELHI: Expecting upward revision in the first quarter GDP number, NITI Aayog Vice-Chairman Arvind Panagariya today said the economy will surpass 8 per cent growth rate in the current financial year.

"Things are moving. The 7 per cent economic growth in first quarter will be revised upwards. I still stand by my statement that we will cross 8 per cent economic growth this fiscal," he told reporters.

In the first quarter of the current fiscal (April-June), the economic growth rate was 7 per cent, down from 7.5 per cent in the preceding three months mainly on account of deceleration in farm, services and manufacturing sectors. It was, however, 6.7 per cent in the corresponding quarter a year ago.

Unfazed by low growth in the first quarter, Panagariya said, "The picture will be more clear when we will get the second quarter GDP data by the end of November. The investments are up during the first half of this fiscal which reflect buoyancy in the economy. The numbers are even more than that of China."

The Finance Ministry in its Economic Survey in February has set growth target of 8.1 to 8.5 per cent for the current fiscal.

However, the Reserve Bank in its monetary policy review last month lowered the GDP growth forecast to 7.4 per cent for the current fiscal from 7.6 per cent.

Earlier this month, International Monetary Fund (IMF) too projected a slight drop in India's growth rate from 7.5 per cent to 7.3 per cent in 2015. The multilateral body, however, retained its growth projection for 2016 at 7.5 per cent.

The World Bank has maintained its India growth forecast for 2015-16 saying it will continue to grow, but the catch is the acceleration year-on-year will be gradual.

"The latest India Development Update expects India's economic growth to be at 7.5 per cent in 2015-16, followed by a further acceleration to 7.8 per cent in 2016-17 and 7.9 per cent in 2017-18," the multilateral lending agency had said in a report released earlier this week.

"However, acceleration in growth is conditional on the growth rate of investment picking up to 8.8 per cent during FY16 to FY18," it had said.

The Indian economy grew 7.3 per cent in the previous fiscal compared to advance estimates of 7.4 per cent by the Central Statistics Office.

 

[Indian Patriot]

Curbing inflation and improving infrastructure is more important than GDP growth.

 

[Grevion]

Curbing inflation and improving infrastructure is more important than GDP growth.

And that will come as our economy grows further

 

[rubyjackass]

Curbing inflation and improving infrastructure is more important than GDP growth.

Inflation is already under control. Now GDP growth should be focussed on. Improving infrastructure will be a component in that. Investments in areas like mobile manufacturing are picking up. Lets hope they will contribute to industrial output by next fiscal. Otherwise things are not great in manufacturing now - near zero or negative growth only.

 

[FULL_METAL]

Sorry but growing intolerance, writers returning awards and beef related news are more exciting, not interested in these GDP growth, economic development related news, so boring
what is the point in uplifting poor people when Pakistani artists are not allowed in Mumbai?

 

[Kinetic]

Sorry but growing intolerance, writers returning awards and beef related news are more exciting, not interested in these GDP growth, economic development related news, so boring
what is point in uplifting poor people when Pakistani artists are not allowed in Mumbai?

we r an idiotic country. than why do u think we are still poor??? this is the reason.

 

[Mike_Brando]

Sorry but growing intolerance, writers returning awards and beef related news are more exciting, not interested in these GDP growth, economic development related news, so boring
what is point in uplifting poor people when Pakistani artists are not allowed in Mumbai?

 

[Abingdonboy]

The World Bank is saying India will only attain 7.5% this fiscal.

Curbing inflation and improving infrastructure is more important than GDP growth.

Infrastructure development is a massive part of GDP growth in India (and most developing nations). Inflation is being tackled by the GoI.

 

[Storm Force]

india will CROSS TH $2.5 TRILLION GDP MARK by June 2016

INDIA will surpass France GDP in 2018

And UK GDP by 2020

WILL BE FIFTH LARGEST GDP BY 2020 at over $3.2 trillion

 

[[Bregs]]

Growth rate of 8% is too ambitious as GST is already delayed, at most it will be around 7.5% which looks achievable

 

[arp2041]

The World Bank is saying India will only attain 7.5% this fiscal.

& MOODY's is saying that if BEEF issue is not sorted out India will lose it's INTERNATIONAL STANDING maybe even thrown out of UN.......

 

[Tridibans]

Sorry but growing intolerance, writers returning awards and beef related news are more exciting, not interested in these GDP growth, economic development related news, so boring
what is the point in uplifting poor people when Pakistani artists are not allowed in Mumbai?

It is pretty sad that I am liking your comment not because you are being sarcastic...

But because it is the truth in India. For NDTV/ Aaj Tak/ The Hindu etc., we are falling apart because 1 man was lynched in Dadri and some loose mouths gave some hate speeches.

Can't wait for November 8th when these Delhi based chutiya mediawallas are shown their aukaat by the poor/ village uneductaed youths in the heartland.... who are like this even after 60 years of our independence because our priority lies elsewhere than development.... This is the pseudo secularism practiced in India thanks to Nehru and his current chamchas..

@ranjeet @Star Wars @JanjaWeed

 

[arp2041]

I think BEEF issue will cut half percentage points in GDP nos.

May Impact - $20 in pci increase!!

 

[Abingdonboy]

india will CROSS TH $2.5 TRILLION GDP MARK by June 2016

INDIA will surpass France GDP in 2018

And UK GDP by 2020

WILL BE FIFTH LARGEST GDP BY 2020 at over $3.2 trillion

$5TN by 2025 should be the target.

 

[Abingdonboy]

It is pretty sad that I am liking your comment not because you are being sarcastic...

But because it is the truth in India. For NDTV/ Aaj Tak/ The Hindu etc., we are falling apart because 1 man was lynched in Dadri and some loose mouths gave some hate speeches.

Well said. Yet again I am saying that the GoI/Modi have failed miserably in their media management and this pain is all self-inflicted. The world/media should be talking about India for all the right reasons but instead this $hit.......