New Delhi [India], October 4 (ANI): India's continued economic resilience, supported by strong corporate performance and sustained investment activity, is now being reflected in upward revisions to the country's growth estimates by various international agencies, Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation (MoSPI), said.
Speaking to ANI on the sidelines of the Kautilya Economic Conclave, Garg said the Indian economy had continued to show resilience after recording 7.8 per cent growth in the first quarter.
"The first quarter growth rate was anyway at 7.8 per cent. And we are seeing the continued resilience of the economy," Garg said.
In the recent few weeks, some leading ratings agencies and research firms revised India's GDP projection upwards after better-than-expected first quarter growth figures of FY27. The big names included S&P Global Ratings, Fitch Ratings and more.
He pointed to strong corporate sector results in recent weeks as well as continued capital investment, including by the private sector, as key indicators of the economy's performance.
"Government investment was anyway high. And the other sectors too, whether you look at much of the manufacturing sectors or the service sectors, if you look at some of the service sector growth rates, they have been extremely positive," he said.
Garg said the positive momentum seen over the past few months and through the first quarter was now being captured in revisions made by international agencies to their growth estimates for India.
"So I think it's the positivity which has been seen over the past few months, over the first quarter and beyond, which is now getting reflected in the revisions that are being made by different international agencies," he said.
On the impact of tensions in West Asia and the resulting risks from global oil price shocks, Garg said the Indian economy had been supported by government interventions aimed at limiting their adverse effects.
He attributed the resilience to a combination of the response from households and the private sector and measures taken by the government to manage the impact of rising crude oil prices and other worsening geopolitical situations.
"...I think that's because of the number of interventions that have been done by the government to ensure that there is no adverse effect of the global oil shocks that are there or the other activities," Garg said.
He added that the Indian economy's ability to withstand such external pressures reflected both private-sector and household responses as well as government measures to address emerging shocks. (ANI)
India's economic resilience reflected in upward growth revisions: MoSPI Secy Saurabh Garg
