India’s advance GDP growth, estimate of 6 point 5 per cent for this fiscal shows reform measures taken by the government is yielding results and growth will accelerate to over 7 per cent in 2018-19.
This was stated by the Chairman, Economic Advisory Council to the Prime Minister (EAC-PM), Bibek Debroy in New Delhi today.
He said economic growth in the third and fourth quarters of the current fiscal will be better than the first half of this financial year.
Debroy said growth numbers will depend on the indirect tax collections, adding several indicators have already shown signs of improvement, whether it is the Purchasing Managers’ Index, the high growth in the 8 core sector industries or data on car sales.
He also expressed confidence that private investments and exports would pick up soon.
According to Central Statistics Office (CSO) data released on Friday, the country’s economic growth is expected to slow down to a four year low of 6.5 per cent in 2017-18 mainly due to poor performance of the agriculture and manufacturing sectors.>