Projected 7.6% GDP is reflection of policies, reform measures by government: Finance Ministry

NEW DELHI(PTI): The Finance Ministry on Monday said the projected 7.6% growth rate for current fiscal is satisfactory and is a reflection of the policies and reform measures undertaken by the government in last 19 months.

“Overall, what is important is the direction of the numbers… there is improvement in the numbers which is quite satisfying. The policies and the reform measures the government has undertaken in last one and half years are beginning to show results. The policies and reform measures will continue,” Economic Affairs Secretary Shaktikanta Das told reporters.

He was reacting to the advance estimates for national income of 2015-16 fiscal by the Central Statistics Office (CSO) which on Monday projected the GDP growth rate at 7.6%. According to the data, the economy grew at 7.6% in first quarter, 7.7% in second quarter and 7.3% in the third quarter ending December 31, 2015.
“Especially satisfying and noteworthy is the industrial growth with special focus on manufacturing. Agriculture continues to be a matter of concern because of consecutive drought. Overall the direction of the numbers is very positive,” Das said.

The CSO’s estimate of 7.6% growth in current fiscal is higher than the projection by RBI, Finance Ministry and IMF. While RBI projected a growth rate of 7.4%, Finance Ministry’s mid-year economic review had estimated the growth to be between 7-7.5%.
Besides, IMF had said India will clock 7.3% growth in 2015-16 and ADB projected it at 7.4%.