India Inc. gives thumbs up to Q1 GDP numbers
01/09/2014 00:09
India Inc. has cheered the revival in Asia’s third biggest economy last quarter as GDP growth topped 5 per cent as a decisive political mandate boosted investment and manufacturing. The economy grew at the fastest pace in two and a half years, expanding by 5.7 per cent in Q1 FY 2014-15, up from an annual 4.6 per cent growth in the January-March quarter of FY 2013-14, the central statistics office said in a report on Friday. The Economic Survey pegs FY 2014-15 economic growth at 5.4 to 5.9 per cent while Finance Secretary Arvind Mayaram estimates the economy to grow 5.8 per cent in the current fiscal. India Inc. expects a further pickup in growth amid favourable investment policies and implementation of key reforms by the Modi government who has vowed to make India a global manufacturing base while giving major impetus to FDI liberalization to attract more foreign fund flows. “It (the GDP) will only pick up further and the Indian economy is well poised to reach six per cent or may even cross the six per cent mark for the full financial year 2014-15," Assocham President Rana Kapoor said, the PTI reported. In FY 2013-14, the economy grew by 4.7 per cent.
01/09/2014 00:09
India Inc. has cheered the revival in Asia’s third biggest economy last quarter as GDP growth topped 5 per cent as a decisive political mandate boosted investment and manufacturing. The economy grew at the fastest pace in two and a half years, expanding by 5.7 per cent in Q1 FY 2014-15, up from an annual 4.6 per cent growth in the January-March quarter of FY 2013-14, the central statistics office said in a report on Friday. The Economic Survey pegs FY 2014-15 economic growth at 5.4 to 5.9 per cent while Finance Secretary Arvind Mayaram estimates the economy to grow 5.8 per cent in the current fiscal. India Inc. expects a further pickup in growth amid favourable investment policies and implementation of key reforms by the Modi government who has vowed to make India a global manufacturing base while giving major impetus to FDI liberalization to attract more foreign fund flows. “It (the GDP) will only pick up further and the Indian economy is well poised to reach six per cent or may even cross the six per cent mark for the full financial year 2014-15," Assocham President Rana Kapoor said, the PTI reported. In FY 2013-14, the economy grew by 4.7 per cent.
