New York [US], September 3 (ANI): Hailing India's 7.8 per cent real GDP growth in the first quarter of FY27, President of the US-India Business Council (USIBC) at the US Chamber of Commerce Atul Keshap on Wednesday (local time) said that New Delhi has a “really hot hand right now”, asserting that investors around the world are “reappraising their view of India” and recognising the strength of its growth story.
Speaking on India's economic performance here, Keshap said the country's efforts in infrastructure, regulatory and tax reforms and efforts to dynamise the economy have strengthened its appeal among global investors.
“Everybody loves a hot hand, and India has a really hot hand right now. So I think all around the world, countries and investors are reappraising their view of India,” Keshap said.
“They realise that the immense effort India has put into infrastructure, into regulatory and tax reform, and into dynamising its economy means that the India growth story is a real story and it's worth the attention of the world,” he added.
According to data released by the Ministry of Statistics and Programme Implementation (MoSPI), India's real GDP grew 7.8 per cent in Q1 FY27, covering the April-June period.
Real GDP was estimated at Rs 81.36 lakh crore in Q1 FY27, compared with Rs 75.46 lakh crore in the corresponding quarter of FY26.
The latest growth figure was also higher than the 7 per cent Q1 FY27 growth estimate earlier projected by the Reserve Bank of India (RBI).
The RBI had revised its real GDP growth forecast for the full financial year FY27 to 6.7 per cent from 6.6 per cent.
Nominal GDP at current prices was estimated at Rs 88.27 lakh crore in Q1 FY27, compared with Rs 80.00 lakh crore in Q1 FY26, registering a growth of 10.3 per cent. Real gross value added (GVA) stood at an estimated Rs 73.82 lakh crore, compared with Rs 68.21 lakh crore in the same quarter a year earlier, marking a growth of 8.2 per cent.
Keshap said American investors are closely watching India, pointing to existing investment in sectors including electronics manufacturing and defence.
“There's been a heavy amount of American investment in things like electronics manufacturing, defence, and other areas,” he said.
He also called for further regulatory opening in India to facilitate greater foreign direct investment (FDI) and capital market flows.
On India's financial markets, the USIBC President said the country has the potential to develop “incredibly robust, vibrant, world-class stock exchanges and financial markets”.
“We believe that with a little more regulatory work in India, on the reform path, India can absolutely achieve quite a substantial return for its people, lifting many more people to prosperity,” he said.
On the development of the US-India bilateral relationship ahead of the G20 summit scheduled to take place in Miami later this year, Keshap said he would leave discussions on the bilateral relationship to the two governments, while stressing the importance of economic growth among the world's major economies.
“I can't speak to the bilateral relationship. I think I'll leave that to both of the governments,” he said.
Keshap said that the US Chamber of Commerce's primary focus was ensuring stronger growth in the American economy, arguing that sustained growth in the world's largest economies would contribute to broader global prosperity.
“I think I'll leave that to both of the governments. But I can say that for the US Chamber of Commerce, our greatest desire is to ensure that the American economy grows at 3%,” Keshap said.
He said cooperation between the world's biggest economies through the B20 and G20 could help generate greater prosperity globally.
“More of that in America, in India, and among and between the economies of the B20 is critical for the world to unleash even more prosperity,” Keshap said, adding that the US Chamber of Commerce and USIBC are focused on “life, liberty, and the pursuit of happiness.” (ANI)
"India really a hot hand right now": USIBC President on 7.8% GDP growth
