GDP Data Not Alarming, Steps Underway To Spur Growth In Second Half, Says DEA Secretary
India's Gross Domestic Product growth slowed to its weakest pace in seven quarters, but measures are underway to boost economic expansion in the coming months, Department of Economic Affairs Secretary Ajay Seth said on Friday.
Speaking after the release of GDP data for the July-Sept quarter, Seth said the numbers are "not alarming" and expressed confidence in stronger growth in the second half of the fiscal year.
"Action is on the way to make sure that the second-half GDP growth rate is higher. Several high-frequency indicators are already pointing in that direction," Seth said, adding that past trends have shown estimates are often revised upwards when complete data is available.
Despite the slower pace, Seth remained optimistic, saying, "Growth rates are expected to be much higher in the coming quarters." He noted the government's commitment to reviving the economy and sustaining momentum in the second half of the fiscal year.
The GDP grew 5.4% in the second quarter, down from 6.7% in the April-June period, according to data from the National Statistical Office. The growth was also below economists' forecast of 6.5% and the Reserve Bank of India's estimate of 7%. Gross Value Added, which excludes indirect taxes and subsidies, increased by 5.6%, compared to 6.8% in the previous quarter.
The industrial sector witnessed slower growth, contributing to the overall deceleration. On a nominal basis, GDP grew by 8% during the quarter.
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