Economy growth to touch 8%, says Das
New Delhi, Oct. 25: Pinning hopes on a slew of government reforms, economic affairs secretary Shaktikanta Das on Tuesday said the GDP growth will be around 8 per cent this fiscal while the agriculture sector is expected to grow over 4 per cent.
“The GST will happen, bankruptcy law has happened. Both these pieces of legislation together with amendments to the arbitration law, DRT, company laws have potential to create a very vibrant and dynamic economy,” he said.
“We have an economy which has recorded 7.6 per cent growth, thanks to good agriculture where the growth we expect to be upwards of 4 per cent definitely. It could be even 4.5 per cent... We are looking at growth upwards of 7.6 per cent and hopefully close to 8 per cent,” he said at an Assocham event here.
In 2015-16, the country's economy grew 7.6 per cent and the Economic Survey in February had projected a growth rate of 7-7.75 per cent for the current fiscal while RBI had forecast 7.6 per cent.
Das further said the bankruptcy law does not address the problem of financial failure of banks, insurance and other financial firms, he said.
We have an economy which has recorded 7.6 per cent growth, thanks to good agriculture wherein the growth we expect to be is upwards of 4 per cent definitely.
— SHAKTIKANTA DAS, Secretary, Economic affairs