Reflection of Indian economy's strong fundamentals: Former CBEC Chairman on GDP growth rate of 7.8 pc

New Delhi, Aug 30 (IANS) The Indian economy grew by a staggering 7.8 per cent in April-June, the highest in five quarters despite the likely disruptive import tariffs imposed by US President Donald Trump, several economists and analysts, on Saturday, hailed Prime Minister Narendra Modi-led Union government.

Former Central Board of Excise and Customs (CBEC) Chairman Najib Shah said on Saturday that India’s GDP has grown at a phenomenal 7.8 per cent in the first quarter, which is a reflection of the Indian economy’s strong fundamentals.

Speaking to IANS, Shah also said that this growth has nullified the projections made by all economists in the country who had expected the GDP growth rate between 6.5 per cent, adding that the Economic Survey had predicted a growth rate between 6.3 to 6.8 per cent.

“This GDP growth has also fueled an excellent gross value addition of 7.6 per cent. Obviously going forward there are going to be challenges given the uncertainity of US tariff impact on the country’s GDP. But for the moment let us celebrate the phenomenal growth rate of 7.8 per cent,” the former CBEC Chairman said.

The Union government in a statement attributed the robust GDP figure to the good showing by the farm sector and services like trade, hotel, financial and real estate, among others.

Speaking to IANS on India’s GDP growing to 7.8 per cent, Chartered Accountant Rajiv Sahu said, “It is a matter of happiness for every Indian that the GDP growth in the first quarter has reached 7.8 per cent. During Financial Year 2024-25 the GDP growth was only 6.5 per cent. This indicates a distinct improvement which has only been possible due to good governance of the current Modi government along with the implementation of relentless structural reforms in the country.”

Sahu also added: “This has boosted the growth in GDP rate and this will further help the country to move forward towards the target of ‘Viksit Bharat 2047’, which will become possible at this rate along with objective of becoming the world’s third largest economy and a $5 trillion economy will certainly be achieved. This growth rate in GDP will benefit the people of the country, per capita income as well as economically backward people. This growth rate will help the Union government to implement more schemes for the empowerment and development of economically backward people.”

–IANS

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