Need to further strengthen economic indicators: DEA official

A senior Finance Ministry official on Thursday stressed the need for further strengthening of micro- and macro-economic indicators in the country.

"Indian economy's micro- and macro- indicators are quite strong and need to be further strengthened," Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg said during his first media interaction after taking charge of his new posting in North Block here.

The macro-economic data released by Central Statistics Office (CSO) on Wednesday showed India's annual retail inflation cooled down to a record low of 1.54 per cent during June, though the industrial growth (Index of Industrial Production) also slowed to 1.7 per cent in May.

Making his opening remarks, the 1983-batch IAS officer said his three main priorities would be growth, development, and distribution of benefits of both among the poor.

Garg, a former Executive Director of the World Bank, said India remains the fastest growing economy in the world with a growth rate of over 7 per cent.

He has prior experience in the Finance Ministry as Director of Department of Economic Affairs from May 2000 to September 2003.

Later, he took over as Joint Secretary in the Department of Expenditure, Ministry of Finance, and continued to remain in that position till May 2005.

Garg has also worked in the Cabinet Secretariat as Joint Secretary/Additional Secretary from February 2012 to December 2013.

He has vast administrative experience of more than 30 years, holding important assignments, including administrative postings in his home state of Rajasthan.

--IANS

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