Feb 18, 2016 12:06 PM IST | Source: PTI

7.6% growth significant, no need to be sceptical: ShaktikantaDas

At the same time, he underscored the importance of reforms. According to data of the Central Statistics Office (CSO), the economy is expected to grow at a 5-year high of 7.6 percent in the current fiscal.

7.6% growth significant, no need to be sceptical: ShaktikantaDas

Economic Affairs Secretary Shaktikanta Das said the 7.6 percent GDP growth is "significant" amid the global turmoil and there is no need to be "sceptical".

At the same time, he underscored the importance of reforms. According to data of the Central Statistics Office (CSO), the economy is expected to grow at a 5-year high of 7.6 percent in the current fiscal.

"The 7.6 percent GDP growth amid global turmoil, which is going bad to worse, is significant. Need to continue reforms and policy initiatives," the Secretary said in a tweet. In another tweet, Das said: "Looking at our economy, we need to believe in ourselves. No need to be sceptical. That is a soft option."

The CSO data showed that the economy grew at 7.6 percent in the first quarter, 7.7 percent in second and 7.3 percent in third. The CSO's estimate is higher than the Finance Ministry's mid-year economic analysis, which projected a growth rate of 7-7.5 percent for the current fiscal.

It is also higher than 7.4 percent estimated by the Reserve Bank of India. The Congress party today cast doubt on official projections that GDP would grow at 7.6 percent and alleged that Prime Minister Narendra Modi is "encouraging financial jugglery".

IMF has projected India's growth at 7.3 percent while the Asian Development Bank expected India's GDP to expand at 7.4 percent in 2015-16. Moody's Investors Service has put the corresponding figure at 7 percent for this fiscal.

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