Finance Minister Arun Jaitley on Friday said that reforms and fiscal prudence are serving the Indian economy well after latest GDP figures for the first quarter showed that the economy is growing at 8.2%. Lauding India’s GDP growth, the Finance Minister said that in an environment of global turmoil, these figures represent the potential of New India. He also added that India is witnessing an expansion of the neo-middle class.
Earlier in the day, India registered a GDP growth rate of 8.2% in the first quarter of the financial year 2018-19. According to reports, GDP at constant (2011-12) prices in Q1 of 2018-19 is estimated at 33.74 lakh crore, as against 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2%.
Previously, the Indian government had shifted the base year for calculations for GDP figure to 2011-12 from 2004-05 after it updated Goods and Services in the mechanism.
Speaking on the latest GDP figures, DEA Secretary Subhash C Garg said that economic performance is back to very normal. “We had over 8% of quarterly growth last time in the first quarter of 2016-17. Now after 8 quarters, we are at 8.2%. From 8.1% we have come to 8.2% which signals economic growth now on a steady high growth path.”