GDP growth at 5.7% inspiring, economic sentiment firms up: PHD Chamber

The growth of real GDP at 5.7% in Q1 of 2014-15 is in line with our expectations and we look forward for India's growth story to continue in the coming times, said Mr. Sharad Jaipuria, President, PHD Chamber .

The government has also undertaken major reforms in the recent times that has rejuvenated India's growth story, going ahead, the implementation of recent reform measures announced by the NDA government would be critical for significant outcomes of various government schemes. We look forward to effective implementation of reform process in the coming times, said Mr. Jaipuria.

Supported by good growth numbers by financing, insurance, real estate and business service (10.4%), electricity, gas and water supply (10.2%), community, social and personal services (9.1%), construction (4.8%), agriculture (3.8%) and manufacturing (3.5%), GDP growth accelerated in Q1 of FY15.

The recent reform measures such as amendments in three archaic labor laws, new body to replace Planning Commission and easing of green rules for mining, roads, power and irrigation projects have facilitated the manufacturing sector and it has much potential to enter the high growth trajectory, said Mr. Jaipuria.

The launch of digital plan that aims to connect all gram panchayats by broadband internet and the launch of Jan Dhan Yojana will ensure financial inclusion and promote inclusive growth, he said.

The government focus on clearing stalled projects would propel investments in the economy, added Mr. Jaipuria. Announcements to amend the land acquisition act would accelerate the pace of industrial growth, going forward, said Mr. Jaipuria.

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