Skeptic Economy

7.6% Growth Significant, No Need To Be Sceptical: Shaktikanta Das

India News

Skeptic Economy
Economic Affairs Secretary Shaktikanta Das today said the 7.6 per cent GDP growth is “significant” amid the global turmoil and there is no need to be “sceptical”. At the same time, he underscored the importance of reforms. According to data of the Central Statistics Office (CSO), the economy is expected to grow at a 5-year high of 7.6 per cent in the current fiscal. The CSO’s estimate is higher than the Finance Ministry’s mid-year economic analysis, which projected a growth rate of 7-7.5 per cent for the current fiscal. It is also higher than 7.4 per cent estimated by the Reserve Bank of India. The Congress party today cast doubt on official projections that GDP would grow at 7.6 per cent and alleged that Prime Minister Narendra Modi is “encouraging financial jugglery”. IMF has projected India’s growth at 7.3 per cent while the Asian Development Bank expected India’s GDP to expand at 7.4 per cent in 2015-16. Moody’s Investors Service has put the corresponding figure at 7 per cent for this fiscal.