Govt reforms, manufacturing push lift Q2 growth to 8.2%: Goyal

During the first nine months of this financial year, services exports stood at USD 237.55 billion, compared to USD 216.45 billion in April-October 2024.

Commerce and Industry Minister Piyush Goyal on Saturday said a host of steps and reforms undertaken by the government to improve ease of doing business have helped the economy post an 8.2 per cent growth in the July-September quarter of the current fiscal.

He said the country's exports too are registering healthy growth despite global uncertainties at the trade front.

"The 8.2 per cent growth reflects the host of reform measures taken by the government. Number of measures have been taken to boost domestic manufacturing and promote ease of doing business," he said here while participating in a national padyatra here, organised as part of the 150th birth anniversary celebrations of Sardar Vallabhbhai Patel.

The Gujarat government is organising this 'padyatra' (foot march) from Karamsad to the Statue of Unity in the Narmada district of the state to commemorate the birth anniversary.

He added that the growth numbers have refuted claims made by certain quarters, and it showed that India is the world's fastest-growing major economy.

"We will continue to see relentless growth," Goyal said, adding India's merchandise and services exports too have recorded high growth during April-October this fiscal.

During April-October this fiscal, merchandise exports increased marginally by 0.63 per cent to USD 254.25 billion, and imports rose 6.37 per cent to USD 451.08 billion.

During the first nine months of this financial year, services exports stood at USD 237.55 billion, compared to USD 216.45 billion in April-October 2024.

The 8.2 per cent gross domestic product (GDP) growth, which follows a 7.8 per cent expansion in the preceding April-June quarter, helped India retain the title of the world's fastest growing major economy, according to official data.

The GDP growth came ahead of the festive season consumption boost on the back of the implementation of a significant reduction in the goods and services tax (GST).

The expansion, which was more than China's 4.8 per cent, was driven by higher public investments, services demand, industrial output and firm consumption, besides statistical effects of a low base (the economy grew at a below-average 5.6 per cent in the same quarter last fiscal).

Manufacturing output rose 9.1 per cent against a growth of 7.7 per cent in the preceding quarter and 7.6 per cent in the year-ago period, while construction expanded 7.2 per cent from 7.6 per cent in the previous quarter.