Budget 2018,Arun Jaitley says India can achieve GDP growth of 8 %; to become 5th largest economy soon

Budget 2018,Arun Jaitley says India can achieve GDP growth of 8 %; to become 5th largest economy soon

India News

Finance Minister Arun Jaitley, while presenting the last Budget of the present government in Hindi, gave the report card of the economic growth of the country and expressed confidence that soon India will achieve the 8% growth rate and become the fifth largest economy in the world soon. He said that in the second quarter of the fiscal year 2017-2018, the GDP growth at 6.3% signalled a turnaround of the economy. He said that that manufacturing sector and exports are back on track after structural reforms.“Indian economy is on course to achieve high growth of 8%. The Economy will grow at 7.2-7.5% in second half of 2018-19,” the finance minister said in Lok Sabha while presenting the Budget 2018. He said that several steps from demonetisation, implementation of the GST to bank recapitalisation will help the country to achieve bigger growth. He further added that the time was now to consolidate gains from the structural reforms to particularly focus on strengthening agriculture, infrastructure, education, senior citizen etc.The government last month estimated an advance GDP growth rate of 6.5%, lowest under the Narendra Modi government due to the massive disruption that took place post the implementation of the GST. In the first quarter of the fiscal year 2017-18, the GDP growth slumped to a three year low of 5.7% due to the massive GST destocking ahead of July 1. However, in the second quarter, the GST growth made a sharp rebound to 6.3%, although the agricultural growth remained mute.The CSO said that it was a conservative estimate and the real GDP growth can be more than what is being estimated now. The second advance GDP estimated is scheduled for later this month. The CSO also said that the second half of the fiscal year 2017-2018 showed a good performance and may grow at 7%, adding that the first half of the fiscal year seems to be pulling the number down for the entire year. The Economic Survey 2018 report projected a slightly higher growth at 6.75%.