Govt keeps FY19 GDP growth estimate unchanged at 7.5%, Goyal lauds Modi

Buoyed by India retaining its fastest growing economy tag, the government on Thursday said it is keeping its forecast of GDP growth of 7.5 per cent for fiscal year 2018-19 unchanged.

Finance Minister Piyush Goyal said the 7.7 per cent GDP growth in the fourth quarter of 2017-18 showed the economy was on right track for higher growth in the future.

The growth surpassed China's 6.8 per cent expansion in the January-March period.

"GDP growth has been increasing continuously every quarter with growth of 7.7% in Q4 of 2017-18. Shows that the economy is on the right track & set for even higher growth in the future. This is the #SahiVikas under leadership of PM," Goyal tweeted.
 

Speaking to reporters soon after GDP data for Q4 and 2017-18 was released, Economic Affairs Secretary Subhash Chandra Garg said the government is not cutting its FY19 growth forecast of 7.5 per cent.

 

In 2017-18, the economy had grown by 6.7 per cent.

He said he did not see any co-relation between oil prices and GDP growth and the fiscal deficit would remain as per the targets.