Govt focus on simplifying India's business, investment ecosystem: Bibek Debroy
Even as India's GDP growth rate declined to 7.1 per cent during the second quarter of 2018-19, from 8.2 per cent in Q1, Prime Minister's Economic Advisory Council (EAC-PM) Chairman Bibek Debroy on Friday called it a "positive trend" over the last fiscal, which he said reflected the governments "successful" policy efforts in maintaining a stable domestic environment despite global uncertainties.
He said the GDP estimates represented a sizable jump from last year's Q2 growth rate estimates of 6.3 per cent, indicating sustained acceleration in India's economic growth.
"The government's focus on simplifying India's business and investment ecosystem, complemented by its initiatives to make growth more equitable and inclusive, has greatly improved India's economic health in the recent past," a statement from his office said.
Debroy added that despite international trade tensions and volatile crude oil prices, India's strong economic fundamentals continued to provide the much-needed thrust for it to be a major global driver of economic growth.
"The robust growth rates in sectors such as manufacturing and construction show that the growth momentum continues to be broad-based," he said.
(With inputs from agencies.)