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FY19 Growth Set to be Around 7.5%, Q4 FY18 GDP Growth Shows Investment Pick-Up: Rashesh Shah, President, FICC
Jun 01, 2018
Q4 FY18 GDP Growth Indicates Investment Pick-up and Structural Reforms Showing Results
FY19 Growth Set to be Around 7.5%, Govt Must be Watchful on Oil Prices and Pace of Banking Sector Reforms
NEW DELHI, 1 June 2018: The GDP growth of 7.7% recorded in the fourth quarter of 2017-18 clearly shows that Indian economy is on an uptrend and the growth scenario is set to improve further going ahead.
"The GDP growth data released yesterday presents an optimistic picture of the economy, reflected in y-o-y growth for Q4, especially for construction and manufacturing sectors," said Mr. Rashesh Shah, President, FICCI.
"It is also heartening to see that demand and investments have picked up pace, reflected in higher growth in both private and government expenditure as well as significant rise in gross fixed capital formation in the fourth quarter. These corroborate with FICCI's surveys that reveal an improving outlook on investments. We hope that the Government will continue investing in infrastructure to accelerate the pace of growth even further," he added.
"Structural reforms undertaken over the last few years are beginning to show results and we hope that the government will continue the process of reforms, especially in the areas of factor market to make industry more competitive and capable of contributing significantly to national output and job creation," said Mr. Shah.
"The numbers released yesterday also provide an indication on the likely trajectory of the economy in the current year. From where we stand today, we expect growth to be around 7.5% in the current fiscal but will have to be watchful about the movement in the oil prices in the global market as well as the pace at which the health of the domestic banking sector improves," added Mr. Shah.