Attributing the country’s high GDP growth of 8.2 per cent in the second quarter to government-led reforms, Commerce and Industry Minister Piyush Goyal on Saturday said the growth figures have proved that India is the world’s fastest growing economy, contrary to “claims made by certain quarters”, in reference to US President Donald Trump terming India as a “dead economy”.
“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,” Goyal said during a national ‘padyatra’ (foot march) organised as part of the 150th birth anniversary celebrations of Sardar Vallabhbhai Patel.
The Gujarat government is organising this ‘padyatra’ from Karamsad to the Statue of Unity in the Narmada district of the state to commemorate the leader’s birth anniversary.
India’s exports, too, are registering healthy growth despite global uncertainties at the trade front, said the commerce and industry minister, asserting that “we will continue to see relentless growth”.
During April-October this fiscal, the country’s 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, however, services exports stood at USD 237.55 billion, compared to USD 216.45 billion in April-October 2024.
Also Read: India working with ‘trusted’ trade partners to ink pacts: Goyal
Government data released on Friday showed GDP growth at 8.2 per cent in the second quarter of this fiscal, while 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. Construction expanded 7.2 per cent from 7.6 per cent in the previous quarter.
Analysts said the GDP growth came ahead of increased consumer spending after the government brought into effect massive rate rationalisation with a significant cut in the Goods and Services (GST) rates.
The country’s expansion in economy, which was more than China’s 4.8 per cent, was therefore 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).
Follow us
