GET Stock QuotesNews18 APP
News18 English
»
1-min read

GDP Growth to Top 8% on Rains, reforms: Panagariya

A good monsoon, reforms and timely decision making at the Centre will definitely push India's growth beyond the 8% mark: Niti Aayog Vice-Chairman Arvind Panagariya

Press Trust Of India

Updated:September 25, 2016, 12:47 PM IST
facebookTwittergoogleskypewhatsapp
GDP Growth to Top 8% on Rains, reforms: Panagariya
Niti Aayog vice chairman Dr Arvind Panagariya. (File Photo/Reuters)

New Delhi: A good monsoon, reforms and timely decision making at the Centre will definitely push India's growth beyond the 8 per cent mark in subsequent quarters of this fiscal, Niti Aayog Vice-Chairman Arvind Panagariya has said.

"I am confident that it (GDP number) will be over 8 per cent in subsequent quarters (this fiscal)," Panagariya said.

Elaborating, he said, "This will happen because there will be impact of reforms also (besides a good monsoon). We still have not seen (the impact of reforms). There were serious governance issues earlier. Projects were stuck. The decisions were not taken at the Centre."

India's growth rate slipped to a 6-quarter low of 7.1 per cent in April-June due to subdued performance of mining, construction and farm sectors.

The figure was 7.9 per cent in January-March. Last year, Indian economy expanded by 7.5 per cent in the April-June quarter.

Admitting that the 7.1 per cent is a slight dampener in the first quarter, he said, "It was slightly lower than my expectations. First quarter data did not have any impact of the good monsoon this year."

India's foodgrain output is estimated to rise by 9 per cent to an all-time high of 135.03 million tonnes in the kharif season (summer sown) of 2016-17 on record output of rice and pulses following bountiful rains.

Foodgrain production stood at 124.01 million tonnes (mt) in the kharif season of 2015-16 crop year (July-June). Higher output of pulses will also help soften retail prices, which have remained a sticking point.

The country's overall foodgrain production had fallen to around 252 mt level in each of the previous two full crop years -- including kharif and rabi -- due to two consecutive years of drought.

Also Watch

Read full article
Next Story
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
TCS 3,402.45 +211.30 +6.62
Infosys 1,178.45 +45.60 +4.03
Mindtree 979.85 +82.25 +9.16
Yes Bank 308.55 -9.95 -3.12
Hindalco 262.10 -2.65 -1.00
Company Price Change %Gain
TCS 3,406.40 +215.75 +6.76
HDFC 1,831.65 -32.80 -1.76
Infosys 1,178.25 +45.55 +4.02
Alkem Lab 1,776.00 -23.70 -1.32
Force Motors 3,139.35 +223.80 +7.68
Top Gainers
Company Price Change %Gain
TCS 3,402.45 +211.30 +6.62
Tech Mahindra 700.50 +35.30 +5.31
HCL Tech 1,062.35 +43.80 +4.30
Infosys 1,178.45 +45.60 +4.03
Coal India 292.05 +8.85 +3.13
Company Price Change %Gain
TCS 3,406.40 +215.75 +6.76
Infosys 1,178.25 +45.55 +4.02
Coal India 292.05 +9.20 +3.25
Wipro 298.35 +6.75 +2.31
Bharti Airtel 400.75 +5.80 +1.47
Top Losers
Company Price Change %Gain
Yes Bank 308.55 -9.95 -3.12
ICICI Bank 282.15 -7.45 -2.57
Tata Steel 606.20 -15.75 -2.53
SBI 241.20 -4.95 -2.01
Bajaj Finserv 5,286.35 -98.85 -1.84
Company Price Change %Gain
Yes Bank 308.45 -9.55 -3.00
ICICI Bank 281.95 -7.20 -2.49
Tata Steel 606.35 -14.20 -2.29
SBI 241.40 -4.85 -1.97
NTPC 174.25 -3.20 -1.80