Structural reforms started paying rich dividends: Officials

Reacting to a growth rate of 8.2 percent in the first quarter of the current fiscal, government officials on Friday said that structural reforms have begun paying dividends and India's economy remains robust despite global concerns.

"The GDP growth rate of 8.2 percent for Q1 of fiscal 2018-19 indicates clearly that several structural reforms, such as Goods and Services Tax, have started paying rich dividends," Finance Secretary Hasmukh Adhia said in a tweet.

"The growth in the manufacturing sector (13.5 percent) also indicates broad-based recovery of demand... it has been a remarkable speed of economic recovery in the last four quarters - 6.3 percent, 7 percent, 7.7 percent and now 8.2 percent," he said.

Niti Aayog Vice Chairman Rajiv Kumar said the GDP hitting a nine-quarter high at 8.2 percent was higher than his own estimate of 7.8 percent and that the growth rate will surely be higher in the coming quarters.

Prime Minister's Economic Advisory Council Chairman Bibek Debroy attributed the positive trend to continued impetus on structural reforms and effective implementation of ongoing policy initiatives.

He said that the government focus on boosting capital spend in the infrastructure sector and multiple initiatives to provide universal access to basic goods and services has not only contributed to this growth but improved its quality as well.

"Despite an uncertain international environment and volatile crude oil prices, India's sustained growth reflects its strong resilience to adverse global conditions because of strong economic fundamentals," he said and added the growth momentum was broad-based.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)