New Delhi, Aug 31 (IANS) Reacting to a growth rate of 8.2 per cent in the first quarter of the current fiscal, government officials on Friday said that structural reforms have begun paying dividends and India’s economy remains robust despite global concerns.
“The GDP growth rate of 8.2 per cent for Q1 of fiscal 2018-19 indicates clearly that several structural reforms, such as Goods and Services Tax, have started paying rich dividends,” Finance Secretary Hasmukh Adhia said in a tweet.
“The growth in manufacturing sector (13.5 per cent) also indicates broad-based recovery of demand… it has been a remarkable speed of economic recovery in the last four quarters – 6.3 per cent, 7 per cent, 7.7 per cent and now 8.2 per cent,” he said.
Niti Aayog Vice Chairman Rajiv Kumar said the GDP hitting a nine-quarter high at 8.2 per cent was higher than his own estimate of 7.8 per cent and that the growth rate will surely be higher in the coming quarters.
Prime Minister’s Economic Advisory Council Chairman Bibek Debroy attributed the positive trend to continued impetus on structural reforms and effective implementation of ongoing policy initiatives.
He said that the government focus on boosting capital spend in infrastructure sector and multiple initiatives to provide universal access to basic goods and services has not only contributed to this growth but improved its quality as well.
“Despite an uncertain international environment and volatile crude oil prices, India’s sustained growth reflects its strong resilience to adverse global conditions because of strong economic fundamentals,” he said and added the growth momentum was broad-based.