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.
China's gross domestic product (GDP) grew 6.8 per cent year-on-year in the first half of 2018 to about 41.90 trillion yuan ($6 trillion)
With GDP of USD 19,390,604 million, United States has topped the list, followed by China with USD 12,237,700 million.
The rate hike by RBI and the oil prices raise concerns over the sustainability of what was termed as a "cyclical, broad-based recovery", Nomura's chief India economist Sonal Varma said.
The economy grew at the highest rate since September quarter of FY17, ahead of the demonetisation drive that began in November 2016.
In its report published on Thursday, the UN World Economic Forum said that the GDP growth in India is expected to climb to 7.5 and 7.6 per cent in fiscal years 2017-18 and 2018-19 respectively.
The government has revised its 2018-19 fiscal deficit projections to 3.3 per cent of GDP and for the current fiscal to 3.5 per cent of GDP, against original targets of 3 per cent and 3.2 per cent, respectively.
India loses about 4 per cent of GDP (gross domestic product) to malnutrition, greater than India's entire defence budget, which is 1.5 per cent of GDP.
According to Nomura's Composite Leading Index, some growth consolidation is likely in the Oct-Dec quarter, followed by a sharp recovery in Q1 2018 due to ongoing remonetisation and improving global demand.
The revised figure was US government’s third and final look at GDP for the April-June period.
Demonetisation affected the country's GDP growth rate by only 0.4 per cent, Surjit Bhalla, part-time member of the Economic Advisory Council, said today.
"Both demonetisation and GST have affected India's gross domestic product (GDP) growth adversely," he said.
Prime Minister Narendra Modi will on Tuesday interact with Finance Minister Arun Jaitley and other top officials to take stock of the economic situation.
"When 86 pc of currency is withdrawn from circulation, plus GST, which was put in practice in haste.. lot of glitches are now coming up, it was bound to affect GDP growth adversely."
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