Finance Minister Nirmala Sitharaman is bullish on India's double-digit GDP growth. (PTI)

 

Finance Minister Nirmala Sitharaman is bullish on India's double-digit GDP growth. (PTI)

The Indian economy expanded at the quickest pace in a year, fueled by consumption, boosting the RBI's scope to focus on taming inflation. Gross Domestic Product (GDP) in the first quarter (April-June) of this fiscal year grew by 13.5%, as against a 20.1% growth seen during the same period last year.

Union Finance Minister Nirmala Sitharaman on Saturday exuded confidence in India's double-digit GDP growth in this financial year, saying that the nation is on a strong wicket when compared to others, and is responsive in terms of extending hand-holding to the required sections.

"We (India) have zero per cent chance of slipping into recession. I hope for double-digit growth. We will work for it.....so if you are not on the verge of recession, it gives me confidence that you are constantly responsive in terms of sections which need hand-holding," the minister told reporters as quoted by news agency PTI.

The Indian economy expanded at the quickest pace in a year, fueled by consumption, boosting the RBI's scope to focus on taming inflation. Gross Domestic Product (GDP) in the first quarter (April-June) of this fiscal year grew by 13.5%, as against a 20.1% growth seen during the same period last year, data released by the National Statistical Office (NSO) showed

Sitharaman further said some may argue that the country reported high growth rate because of the low base, however, India is literally the fastest growing economy.

She also referred to the World Bank and IMF reports, according to which, the economies which were far more developed than India and comparable with the country, are on the verge of recession.

Speaking about freebies, she said, "We all should become a party to the discussion on freebies issue because if you are giving something for free, then it means somebody is paying for it. Any after that comes to poer must assess its financial situation and make provisions before offering freebies."

Meanwhile, Commerce secretary BVR Subrahmanyam on Saturday said that India will become the second largest economy in the world by 2047. 

He said within a few years from now India will be among the top four economies globally and by 2047 it will be the second biggest economy in the world under the vision laid down by Prime Minister Narendra Modi.

This year, India has overtaken the UK to become the fifth-largest economy in the world, according to figures from the International Monetary Fund (IMF). The United States, China, Japan, and Germany are the only nations with economies larger than India's. The UK is currently in sixth place, just behind India.

Economists and business executives also anticipated that India's position would continue to improve in the years to come due to greater economic growth.

 

(With PTI inputs)