27.9 C
New Delhi
Tuesday 7 April 2020

India on course for 8% plus growth, says Jaitley

Editorials

In India

Lockdown to end on schedule, hints PM; list 10 KRAs, union ministers told

Today's meeting of the prime minister with his colleagues in the union ministries raises hope for the economy even amid the apprehension that the nation might not be able to break the chain of the COVID contagion by 14 April

Terrorist links of Tablighi Jamaat include Masood Azhar, Osama bin Laden

Maulana Masood Azhar, the founder of the terrorist group Harkat ul Mujahideen which underwent several name changes to finally become Jaish-e-Mohammed, is not only a member of the Tablighi Jamaat but also a once close associate of Osama bin Laden

New Delhi: India is firmly on course to achieving over 8% growth and becoming the world’s 5th largest economy, Finance Minister Arun Jaitley said today.

It has achieved an average growth of 7.5% in the first three years of the Modi government, he said.

The GDP (Gross Domestic Product) growth of 6.3% in the July-September quarter of the current fiscal signalled turnaround of the economy, Jaitley said while presenting the Union Budget 2018-19 in the Lok Sabha.

The country is expected to grow at 7.2 to 7.5% in the second half of the current fiscal, ending 31 March.

The manufacturing sector, he said, is back on a good growth path and the services, the mainstay of India’s growth, have also resumed their high growth rates of 8% plus. Also, exports are expected to grow at 15% in 2017-18.

“We are now firmly on course to achieve high growth of 8% plus,” Jaitley said in his one-hour 50-minute speech.

He stressed that the Indian economy has performed very well since the NDA government took over in May 2014.

“Indian economy is now $2.5 trillion economy seventh largest in the world, he said.

“India is expected to become the fifth largest economy very soon,” he added.

On Purchasing Power Parity (PPP) basis, India is already the third largest economy.

As per the estimates of Central Statistics Office (CSO), Indian economy is expected to grow at 6.5% in the current fiscal.

For 2018-19, the economy is likely to grow at 7-7.5% as per the Economic Survey tabled in Parliament earlier this week.

GDP growth in first quarter of 2017-18 had moderated to 5.7%, the lowest in the three years, before recovering to 6.3% in the following three months.

PTI

Coronavirus worldwide update, with focus on India, LIVE

Since the facts and figures related to the novel coronavirus disease 2019 (nCOVID-19, COVID-19 or COVID) are changing by the minute, Sirf News has begun this blog to keep the readers updated with information coming from authentic sources

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Articles

China Is Guilty, But How Will World Retaliate?

The attack has to be calibrated as the world has invested heavily in China and that country, in turn, has markets worldwide, making your own economy vulnerable when you take measures against Beijing

Sewa In COVID Times: Living ‘Service Before Self’ Credo

Sewa International volunteers were first off the starting block, setting up non-medical helplines for the four regional areas — West Coast, East Coast, Midwest, and Southwest — for a coordinated national response, where people can call in for assistance

United States & India: Same COVID, Different Prescriptions

The different social structures, experiences in the leaders of the two countries, variation in the degree of political capital, etc make India and the US react differently to the global COVID pandemic

China Is Guilty, But How Will World Retaliate?

The attack has to be calibrated as the world has invested heavily in China and that country, in turn, has markets worldwide, making your own economy vulnerable when you take measures against Beijing

Sewa In COVID Times: Living ‘Service Before Self’ Credo

Sewa International volunteers were first off the starting block, setting up non-medical helplines for the four regional areas — West Coast, East Coast, Midwest, and Southwest — for a coordinated national response, where people can call in for assistance

United States & India: Same COVID, Different Prescriptions

The different social structures, experiences in the leaders of the two countries, variation in the degree of political capital, etc make India and the US react differently to the global COVID pandemic

For fearless journalism

%d bloggers like this: