Industry bodies have said India’s economic growth of 8.2 per cent in the April-June quarter is an outcome of reforms undertaken by the government in the last four years.
FICCI President Rashesh Shah said the double-digit growth in manufacturing comes on back of a low base but does reflect the positive momentum already seen in some of the key lead indicators of economic activity.
Assocham President Sandeep Jajodia said the first quarter GDP numbers augurs well for the entire fiscal Final Year 2018.
Commenting on the GDP growth data, PHD Chamber of Commerce President Anil Khaitan said the effect of dynamic reforms undertaken by the government is becoming visible.
Earlier, the Finance Ministry exuded confidence that the economy could exceed estimated 7.5 per cent growth in the current fiscal.
Attributing the high quarterly performance to reforms and fiscal prudence, Finance Minister Arun Jaitley said that India’s GDP for the first quarter of this year growing at 8.2 per cent in otherwise an environment of global turmoil represents the potential of New India.
Economic Affairs Secretary S C Garg said that manufacturing sector grew by 13.5 percent which signals very good turnaround in the sector.