He said, "At the time of independence, the North East had a very high growth rate but the region, which was mostly ruled by Congress, was reduced to the lowest level of development".
A day after demonetisation was announced, he had said in Parliament that it would lead to a cut in the growth rate by 1.5 percent, Chidambaram recalled.
ICRA's principal economist Aditi Nayar says the Monetary Policy Committee’s (MPC) surprise decision wisely hedges before the crucial data on monsoon, minimum support prices (MSP) and volatile global oil prices play out going forward.
In the manufacturing sector, the overall opinion of members was that demand is healthy, although input costs are rising.
Violence impacted $1,190.51 billion to the Indian economy in 2017, 9% of the country's GDP or $595.4 per person.
"I should not be surprised that in the next few quarters, say next 2 years for sure, we will be very close to or cross 8 per cent growth and that is coming out of strong performance of so many sectors," he said.
The government breached its fiscal deficit target of 3.2 percent of GDP, but managed to meet its revised target of 3.5 percent for FY18.
The 7.7 percent growth was significantly higher than China's 6.8 percent in the March quarter.
The median in a Reuters poll on the latest quarter's annual growth was 7.3 percent, the best pace since July-September 2016, the quarter before the government unexpectedly scrapped high-value currency notes.
The Regional Comprehensive Economic Partnership (RCEP), negotiations for which started in November 2012, aims to cover goods, services, investments, economic and technical cooperation, competition and intellectual property rights.
High trade deficit and increased oil prices have pushed up CAD in April-December, 2017-18 to 1.9 percent of GDP
The Central Statistics Office (CSO) is scheduled to come out with GDP estimate for the fourth quarter (Q4) of fiscal 2017-18 and provisional annual estimates for the year 2017-18 on May 31.
The UN World Economic Situation and Prospects (WESP) as of mid-2018, launched here today, said GDP growth in India is expected to climb to 7.5 and 7.6 percent in fiscal years 2017-18 and 2018-19 respectively. This is a substantial recovery from the 6.7 percent growth India registered in fiscal year 2017.
According to the Japanese financial services major, despite the moderation in March, industrial production growth averaged 6.2 percent in the January-March period, up from 5.9 percent in Q4 (October-December).
Prabhu said he is holding talks with various countries to explore new markets for Indian fabrics, garments and apparels in order to boost exports, as he said the industry is working in 'sub-optimal' level for its over-dependence on the European Union and the US for exports.
According to a BMI Research, a Fitch group company, the negative shock from demonetisation and GST implementation has "largely subsided".
Changyong Rhee, Director of the Asia and Pacific Department at the International Monetary Fund (IMF), also praised the Modi government for doing well in the area of reforms.
"India is poised to remain as the fastest growing large economy in the world. In 2018, we expect India to grow at over 7.4 percent," Economic Affairs Secretary Subhash Chandra Garg told the 97th meeting of the Development Committee of the World Bank here on Saturday.
The Washington-based lender said in a report on Thursday it expected 2018 growth in the developing East Asia and Pacific (EAP) region, which includes China, to expand 6.3 percent, a notch up from 6.2 percent forecast in October.
The minister made the remark at the Global Logistics Summit jointly organised by Ficci, Ministry of Commerce, the Centre and World Bank Group.
Latest data suggests that the Indian economy is showing clear signs of recover and is poised for a higher growth rate in Q4.
The economy is expected to grow at 6.7 percent in the current financial year, the multilateral lending agency said in its biannual publication 'India Development Update: India's Growth Story'.
Some political analysts have held the view that India has an inverse relationship between political strength and GDP growth.
The World Bank's biannual publication, India Development Update: India's Growth Story, expects the economy to clock a growth rate of 6.7 per cent in the current fiscal ending March 31.