GDP to grow faster in next quarter
Finance Minister Arun Jaitley on Saturday said that the economy is expected to grow much faster in the coming quarters than the growth of 5.7 per cent in gross domestic product (GDP) achieved during the first quarter of the current fiscal.
Clocks 5.7% growth in first quarter April-June
New Delhi: Finance Minister Arun Jaitley on Saturday said that the economy is expected to grow much faster in the coming quarters than the growth of 5.7 per cent in gross domestic product (GDP) achieved during the first quarter of the current fiscal.
"Growth rate of 5.7 percent in first quarter is encouraging. The recent GDP figures show that the economy is on a recovery path. We expect the economy to grow much faster in the coming quarters," Jaitley said here on the occasion of the new government completing 100 days in office. The Indian economy expanded by 5.7 percent during the first quarter of the current financial year to log the highest growth yet in nine quarters or over two years.
GDP which is the aggregate market value of all the goods and services produced in the country, had expanded by just 4.6 percent in the previous quarter, that is January-March, and by 4.7 percent in the like quarter of last fiscal. The 5.7 percent growth in April-June quarter is also the highest since the 6 percent increase logged during October-December quarter of 2011-12, as per data compiled by the Central Statistics Office (CSO).
On foreign investment climate, Jaitley said there has been a sea change in investor sentiment as they have shown interest in investment opportunities in India. "In terms of investment mood, there is a sea change. We created a special mechanism for resolution of tax disputes. We have allayed investor fears on retrospective tax," Jaitley said.
‘Poll result was a mood-changer’
New Delhi: Exuding confidence over the prospects of further growth of India's economy, Finance Minister Arun Jaitley on Saturday said that the mood of the country changed when the election results were announced.
"When the new government had taken over, I had outlined the priorities of the government. Containing inflation was an important priority, restarting the growth cycle, rebuilding the investment cycle and keeping the fiscal deficit at acceptable level was one of the principle objectives that we had taken at that stage," he said.
Jaitley reiterated, "It is in the backdrop of these challenges that in little less than 3 months that we took over, I must consider that the election itself was a mood changer. The election result itself resulted in some important development.
After 30 years you had a single party majority in Parliament and therefore decision making became easier." "We wanted to expand economic activity, open up in several significant sectors, expedite decision making while maintaining the social sector expenditure in most areas," he said.