GDP growth to exceed 7.5% this fiscal, says finance ministry
Fiscal deficit will not exceed 3.3% of GDP in 2018-19, says Economic Affairs Secretary S.C. Garg
New Delhi: Enthused by 8.2% GDP growth in the first quarter of 2018-19, the finance ministry today expressed optimism that economy was likely to expand at 7.5% in the current fiscal.
The country’s economy is on steady growth path, Economic Affairs Secretary S.C. Garg said while commenting on the April-June quarter growth number. The robust performance of the first quarter gives hope that growth could exceed even estimates of 7.5% this fiscal, he said.
Fiscal deficit will not exceed 3.3% of GDP in 2018-19, he added. On the falling rupee, he said it will soon be in the range of Rs 68-70 against the US dollar. The rupee closed today at a record low of 71 against the US dollar.
The Reserve Bank of India in its annual report released on Wednesday said the acceleration of growth that commenced in the second half (October-March) of 2017-18 is expected to be consolidated and built up on in the current financial year. The RBI expects the economy to accelerate to 7.4% in FY19 from 6.7% a year ago.
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