An official release by the Central Statistics Office (CSO) revealed that the Indian economy grew at 7.3 per cent in 2014-15.
The report showed that the country posted a 7.5 per cent growth in the Gross Domestic Product in the January to March quarter, outstripping China’s GDP growth of 7 per cent in the said quarter.
An ENS Economic Bureau report stated, “Real GDP or GDP at constant (2011-12) prices in the year 2014-15 is now estimated at Rs 106.44 lakh crore (against Rs 106.57 lakh crore estimated earlier), showing a growth rate of 7.3 per cent (against 7.4 per cent estimated earlier) over the New Series/First Revised Estimates of GDP for the year 2013-14 of Rs 99.21 lakh crore.”
Reacting to the report, Finance Minister Arun Jaitley told PTI that the economy was clearly on “a recovery path”.
Jaitley was quoted as saying, “The report gives us a broad idea of how the Indian economy is moving. It is absolutely clear that the economy is in a recovery mode. “The performance of manufacturing and services indicates that “we have a potential to grow at 8-9 per cent and beyond.”
The GDP growth is a pickup sign but the report also said that the complete economic revival of the Indian economy was yet to take place.