Economist said that the 8.2 per cent GDP growth rate has further strengthened India’s positions as the fastest growing major economy of the world.
The latest GDP growth figures are markedly higher than those of the Chinese economy which grew at 6.7 per cent rate in same quarter.
Expert opined, “The GDP growth indicates that households are buying more. This comes as a major relief to the Modi government.
The opposition has been critical of the Modi government in the aftermath of GST roll out and implementation of demonetisation. Oppositions claimed that the two steps slowed down the Indian economy.”
A government source confirmed that the previous high quarterly GDP growth was recorded in July-September period in 2014-’15 at 8.4 per cent.
In terms of absolute value, India’s GDP at constant in 2011-’12 price was estimated at 33.74 lakh crore in the first quarter of 2018-19. The corresponding figure for the first quarter of 2017-’18 was 31.18 lakh crore.
Finance Minister Arun Jaitley stated on Thursday that India is all set to take over the US as the world’s fifth largest economy. He was speaking at the inauguration of Completion Commission of India.
Jaitley aslo added, “India has the potential to be among the top three economies in the world in 10-20 years.”
Experts feel this is a good move for the Indian government. Recent some complication directly hitted government’s impression.
United opposition started saying that GDP and De-monetisation killed the back bone of Indian economy.
But recent government data reversed their claimed and established Indian economy going to a right path, which is good for ruling party and they can use this as major election campaign tool.
India today is a dynamic and fast growing nation. For millennia, it has been the land that has nourished both mind and body. Its philosophy that stems from a prehistoric oral tradition has carried on through the ages, influencing and creating leaders that have changed the course of the world. India has over the ages, withstood, multiple attacks on its very idea of plurality and continues to fight foreign ideologies. The new online information tsunami also brings in disinformation, and it’s here that India Aware steps in and promises to seek out balanced and unbiased facts, and bring to you information without blindingly trying to discredit anything that stems from our glorious past.