NEW DELHI: The decline in GDP growth has bottomed out and improvement would be visible in the second quarter data to be released on Thursday, Economic Affairs Secretary Subhash Chandra Garg said today.
Economic growth had dipped to a three-year low of 5.7 per cent in the April-June quarter of the current financial year.
"I am very confident, very clear that we will have reversal of decline. We have done the decline path. We have bottomed out. Next quarter (July-September) assessment would be far better than what it was for first quarter," Garg told reporters here.
Standard & Poor's today kept its sovereign rating for India unchanged at 'BBB-minus' with 'stable' outlook saying vulnerabilities stemming from low per capita income and high government debt balance strong GDP growth.
India's growth, it said, is among the fastest of all investment-grade sovereigns, and projected real GDP expansion to average 7.6 per cent over 2017-2020.
On fiscal consolidation path, the secretary said the government's commitment to stay on the course of fiscal consolidation in the medium term is clear. "The path on the long and medium term is very clear. The government wants consolidation."