GDP growth prospects bright, private capex takes off, says CEA Nageswaran
Even as the GDP growth for the first quarter of the current fiscal stood at 7.8 percent, a sharp fall from the corresponding period of last year, when it was 13.1 percent, the government said on Thursday that India’s growth is better than several economies.
“India’s quarterly GDP growth towers over that of many other economies. The government and the RBI are comfortable in holding on to their 2023-24 GDP growth forecast of 6.5 percent,” Chief Economic Adviser V Anantha Nageswaran said while reacting to the GDP numbers.
“It is good to know that states are also joining the capex creation bandwagon that the Central government has been championing for some time,” he said.
Nageswaran added that private capital formation has in fact taken off.
“Overall, there is no real cause for concern about inflation spiraling out of control,” he said.
“Passenger air traffic is no more an indicator of just urban demand, but for overall national demand as a whole,” Nageswaran noted.
The chief economist informed that the construction sector will continue to expand in the coming quarters and years.
India’s April-June construction sector growth stands at 7.9 percent as against 10.4 percent in January-March and 16 percent in April-June 2022.
[With Inputs from IANS]
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