Economy on the right track, govt reforms showing results: Bibek Debroy

"India is on the right path to become one of the fastest developing major economy in the world surpassing China," Debroy

Prime Minister's Economic Advisory Council Chairman Bibek Debroy on Wednesday said the economy is on the right track and the current expansion in the growth rate suggests that the reforms initiated by the government have started showing results.

His remarks came soon after the Central Statistics Office (CSO) announced that India's Gross Domestic Product (GDP) for the third quarter of 2017-18 grew at 7.2 per cent.

Debroy said the growth will pick up more in the upcoming quarter, "driven by the government commitment to implement structural reforms and aided by higher growth in the industrial and services sector and central government spending".

He added that 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.

"The fast recovery in the economic indicators reflects a positive economic sentiment and that India is on the right path to become one of the fastest developing major economy in the world surpassing China," a statement said quoting Debroy.