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National News

May 31, 2018
7:24PM

GDP growth increasing continuously every quarter with growth of 7.7 % in 4th quarter of 2017-18: Piyush Goyal

Interim Finance Minister Piyush Goyal said, GDP growth has been increasing continuously every quarter with growth of 7.7 percent in the fourth quarter of 2017-18. 

In a tweet, Mr Goyal said, this shows that the economy is on the right track and set for even higher growth in the future. He emphasized that this is the development under leadership of Prime Minister Narendra Modi and Union Minister Arun Jaitley.
 
Finance Secretary Hasmukh Adhia said in a tweet that the constant increasing trend of quarterly GDP numbers in the four quarters of 2017-18 indicate that the structural measures of reforms undertaken by government is now bringing rich dividends in the form of higher GDP growth rate. 

He added that what is most noticeable is the increase in the growth rate of Gross Value Added of manufacturing sector in the last two quarters of 2017-18 at 8.5 and 9.1 percent at constant price. Mr Adhia said, GST has given a big boost to the Industrial Sector.     

Briefing reporters in New Delhi this evening, Secretary, Department of Economic Affairs S C Garg said, GDP growth has been revised upwards from 6.6 percent. He said, good growth in the fourth quarter has reflected in GDP numbers. Mr Garg said, he does not see oil prices impacting growth and added that fiscal deficit will be within 3.5 percent target.

Replying to a query, the Secretary said, oil pricing policy needs to be looked at if prices are elevated. He said, oil prices are decided on a formula based approach and trend for reduction in oil prices has started.

Chief Economic Advisor Arvind Subramanian said, GDP numbers are on the expected lines as it was said in the Economic Survey.

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