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TOG NEWS

Indian economy to have V-shaped revival, says Secy for Economic Affairs
By TOG News Service
Mar 09, 2018

TOG News Service, NEW DELHI, MAR 09, 2018: THE Secretary for Economic Affairs, Mr Subhash Chandra Garg, yesterday stated that the 7.2% expansion in the economy during October-December quarter had put the country in one of the highest growth brackets in the world, and that recovery would continue to be sharp going ahead. It may be mentioned that the third quarter growth of 7.2% was highest in five quarters. In fact, the previous high was recorded at 7.5% in the July-September quarter of 2016-17.

In the first quarter of the current fiscal, the GDP grew at 5.7%, while the second quarter growth stood at 6.5%. Addressing the media, he stated that the first quarter of FY 2018 was where the economy bottomed out, and that it would experience a very strong V-shaped recovery. He further stated that the growth in the second and third quarters brought evidence of the same. Thereby, as per the second advanced estimates of the Central Statistics Office (CSO), the economy is expected to grow at 6.6% in the current fiscal ending March 31, compared to 7.1% in 2016-17.

In fact, top officials of the finance ministry, led by Mr Garg, including chief economic advisor Mr Arvind Subramanian and principal economic advisor Mr Sanjeev Sanyal, had earlier met Fitch director, sovereign ratings, Mr Thomas Rookmaaker and other officials. The meeting was ahead of the annual review of the country rating by Fitch. In this regard, Mr Garg stated the global rating agency had a good assessment of the country's future prospects. Notably, Fitch had last upgraded India's sovereign rating from BB+ to BBB- with stable outlook on August 1, 2006.