Cheering the five-quarter high 7.2 per cent GDP growth in the October-December period, India Inc today said the economy is on the cusp of a sustained rebound and expressed hope that it will gather a good pace in the next fiscal beginning April.
The country's economy is expected to grow at 6.6 per cent in the current fiscal ending March 31, as per the second advanced estimates of the Central Statistics Office (CSO), compared to 7.1 per cent in 2016-17. The earlier estimate was 6.5 per cent.
The significant improvement in GDP growth, which has accelerated to a robust 7.2 per cent in the third quarter as against 6.5 per cent in the previous quarter is noteworthy and strengthens the perception that the Indian economy is at the threshold of a sustained rebound in growth," CII Director General Chandrajit Banerjee said.
Assocham said the third quarter GDP numbers paint a "pretty good macro picture" for Indian economy.
The 7.2 per cent growth in GDP for Q3 also highlights an improvement in investment, manufacturing and construction thereby giving hope for a good pace of economic growth in the next fiscal, as the stage is now set in 2017-18.
However, the gross value addition (GVA), which is net of taxes, is not as good as GDP, underscoring the fact much more needs to be done in terms of sustainable growth," Assocham Secretary General DS Rawat said.
PHD Chamber of Commerce President Anil Khaitan said the GDP growth at 7.2 per cent in Q3 of 2017-18 is inspiring and strong signs of economic revival are visible.
The growth for the second quarter (July-September) has been revised upwards to 6.5 per cent, from 6.3 per cent estimated earlier by the CSO.
The previous high was recorded at 7.5 per cent in the July-September quarter of 2016-17.
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