Steller performance of Prime Minister Narendra Modi's BJP with another large parliamentary majority will see continuity of macroeconomic policy in the next five years but the key economic challenge now is to continue reforms, brokerages and economists said on Thursday.
Besides the trade war with the US, China is also haunted by the spectre of a continued economic slowdown. Last year, the economy, which is largely dependent on exports, slowed down to 6.6 per cent, the lowest in about three decades.
Earlier, the CSO in its advance estimate had pegged the GDP growth rate for 2018-19 at 7.2 per cent.
At a session on the emerging market outlook at the World Economic Forum Annual Meeting 2019, Nath also strongly defended his government's farm loan waiver decision and said the agricultural sector in India and particularly in his state has been in distress.
"India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose said.
In its 2018 review said, the ministry said: "There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98 per cent in Fiscal Year 2017-18 is the best DT-GDP ratio in last 10 years".
India reached 32.8 million children and 8.4 million pregnant women over the last three years under Mission Indradhaush, PM said.
Jaitley said the opposition went overboard on the issue of CBI versus CBI and it did have a lack of understanding of the issue.
According to government data released on Friday, the Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3 per cent in July-September quarter of the last fiscal.
Jaitley said the CSO, in 2015, changed the way of calculating Gross Domestic Product (GDP). GDP growth rate estimates were revised from the year 2012-13 onwards with 2011-12 being the base year.
In the third quarter, China's GDP rose 6.5 per cent from a year ago, compared to a 6.7 per cent increase in the second quarter, the NBS said in a statement.
According to the survey, high growth is expected in cement and ceramics, capital goods, automotive and medical devices and technologies in Q2 2018-19.
The government's finances have shown improvement in July with fiscal deficit at 86.5 per cent of the Budget Estimate (BE), mainly on account of higher revenue collection, as per official data.
According to a report by the firm, the 8.2 per cent GDP growth for the April-June quarter of this year, though "encouraging", was largely owing to base effects.
"Going forward, the base effect will not be so favourable. And when we reach Q3 and Q4, the rate of growth may decline and the annual growth rate may be more or less like last year's," he said on Twitter.
"India's GDP for the first quarter this year growing at 8.2 per cent in an otherwise environment of global turmoil represents the potential of New India," Jaitley said in a tweet.
The Q1 GDP growth, highest in last 15 quarters, cemented India's position as the fastest growing major economy, clocking higher expansion rate than China's 6.7 in the same quarter.
"This year, in terms of size, we have overtaken France. Next year we are likely to overtake Britain. Therefore, we will be the fifth largest (economy)," Jaitley said.
"Truth has triumphed. The back series calculation of GDP has proved that the best years of economic growth were the UPA years 2004-2014," Chidambaram said in a tweet.
The "Ficci Economic Outlook Survey" also said that several economists are of the opinion that the rupee is likely to remain under pressure during the financial year 2018-19.
Top News
Latest News
