Home >Politics >Policy >Economy on track to acceleration, says Bibek Debroy

New Delhi: Enthused by the December quarter economic growth of 7.2%, chairman of the economic advisory council to the prime minister (EAC-PM), Bibek Debroy said today that India is on the right path to become one of the fastest expanding major economies in the world surpassing China.

The growth, he said, will pick up more in the upcoming quarter driven by the government’s commitment to implement structural reforms, and aided by higher growth in the industrial and services sectors as well as spending by the centre.

“The GDP trends are consistent with the robust growth of the manufacturing Purchasing Manager’s Index (PMI), Index of Industrial Production (IIP) and consumer demand," an official statement said, quoting Debroy.

Showing signs of recovery, the Indian economy recorded a five-quarter high growth of 7.2% in the October-December period on good showing by key sectors like agriculture, construction and manufacturing.

The economy is expected to grow at 6.6% in the current fiscal ending 31 March, as per the second advanced estimates of the Central Statistics Office (CSO), compared to 7.1% in 2016-17. The earlier estimate was 6.5%.

The CSO said that the real gross domestic product (GDP) at constant (2011-12) prices in 2017-18 is likely to be Rs130.04 lakh crore, as against the first revised estimate for 2016-17 of Rs121.96 lakh crore, released on 31 January.

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