Indian economy, he said, will grow at over 8 per cent rate with massive employment generation being seen in IT and retail sectors. Macroeconomic fundamental of the economy are strong, he said.
The prime minister will hold another economic review meeting with key policy makers on Saturday to discuss possible interventions by the government to address the macroeconomic challenges arising out of the depreciating rupee and steep rise in fuel prices.
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.
In the debate we have Shahnwaz Hussain (Spokesperson BJP ), Rakesh Sinha (RSS Vicharak), Sudhindra Bhadoria (Leader BSP ) Rashid Alvi (Leader Congress )
Garg also expressed the hope that the country will meet its fiscal deficit target of 3.3 per cent and said both oil price hike and rupee depreciation are temporary.
"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.
In a report titled “Global Macro Outlook: 2018-19 (August 2018 Update)”, the firm said Indian economy grew at a higher rate of 7.7 per cent in the first quarter of 2018.
The highest ever growth rate since Independence was recorded at 10.2 per cent in 1988-89 when Rajiv Gandhi was prime minister.
As per the RBI, the growth would be in the range of 7.5-7.6 per cent in first half of the fiscal and 7.3-7.4 per cent in October-March 2018-19 period "with risks evenly balanced".
By 2030, Asia-10 economies will grow so robustly that they will, on aggregate, amount to over USD 28.35 trillion in real GDP (2010 constant dollars) terms, while for the US will amount to USD 22.33 trillion.
The growth in India will be driven by increased public spending, higher capacity utilisation rate and uptick in private investment, said its supplement to the Asian Development Outlook (ADO).
"Indian economy is set for a surge and in the next decade, probably even by 2025, India is expected to double the size of the GDP to USD 5 trillion," Kovind said.
A vibrant example of cooperative federalism and a ‘Team India’ spirit, GST has brought a positive change in the Indian economy, PM Modi said in a series of tweets today. He claimed that the tax reform has brought growth, simplicity and transparency.
India's growth accelerated to 7.7 per cent in the fourth quarter of Financial Year (FY) 2017-18.
Arguing that BJP-led government was committed to fiscal consolidation, PM Modi said that the rising crude prices have not resulted in a spike in inflation and the macroeconomic fundamentals of the country remain strong.
Speaking to the media, Goyal said India has already picked up almost 28 per cent - or $1.4 billion - AIIB's total lending’s, for seven projects in the country.
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 30-share BSE Sensex opened on a strong footing at 35,278.38 and maintained its upward trend to hit the day's high of 35,628.49.
However, the GDP growth during the third quarter (Q3) of the fiscal was revised to 7 per cent from 7.2 per cent, as was declared in February.
The Asian Development Bank (ADB) has projected India to remain the fastest growing Asian nation with 7.3 per cent growth in 2018-19, and 7.6 per cent in 2019-20.
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