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India's debt was substantially less than the global debt as percentage of world GDP, said Vitor Gasper, IMF Director of Fiscal Affairs Department.
The Reserve Bank of India’s prompt corrective action (PCA), which is supposed to save weak banks from going bust, is, in fact, stifling growth, according to state-owned banks.
Modi said the government is making all efforts to increase the share of exports to 40 per cent of the country's GDP.
A day after steps to contain the widening current account deficit and check fall of the rupee were announced, PM Modi on Saturday continued his two-day review of the economy.
The official said a depreciating rupee and high crude import bill would definitely put pressure on the country's current account deficit.
Concerns are being raised about overestimation of manufacturing output, putting a chill on India’s world-beating growth story.
Former Union finance minister P Chidambaram said Saturday that the GDP growth, reported at 8.2 per cent in April-June quarter, can decline going forward.
Congress spokesperson Gourav Vallabh said while the government was taking credit of GDP accelerating at the rate of 8.2 per cent in the first quarter (April to June), the hidden reason is base effect.
The Indian economy grew at a 15-quarter high of 8.2 per cent in the April-June quarter of current fiscal on good show by manufacturing and farm sectors, according to the government data.
In his inaugural address at the three-day Surface and Coating Expo, Sampath said Tamil Nadu, with a GDP of 8.03 per cent in 2017-18, was one of the top three industrialised states in the country.
The previous high quarterly GDP growth was recorded in January-March of 2015-16 at 9.3 per cent.
The country's economy is on steady growth path, Economic Affairs Secretary S C Garg said while commenting on the April-June quarter growth number.
According to the Central Statistics Office (CSO), the GDP at 2011-12 prices in the first quarter (Q1) of 2018-19 registered growth rate of 8.2 per cent, up from 7.7 per cent reported for Q4 of 2017-18
Calling demonetisation as a step taken by a “monarch”, he said the note ban and GST were the bigger blows to the economy in quick succession.
According to the report, CAD is still expected to be majorly financed by non-debt creating (FDI and FPI) capital inflows, which constitute around 44 per cent of the total capital flows.