India Inc welcomes upswing in quarterly GDP data
Posted on Aug 29 2014 | IANS
New Delhi, Aug 29 : India Inc. Friday welcomed the upswing in the quarterly gross domestic product (GDP) figures which were released today, and said the numbers indicated economic recovery.
"The sharp rise in GDP growth to 5.7 percent, after remaining in the sub 5 percent range for the last two years, is noteworthy and reinforces faith in the India growth story," Chandrajit Banerjee, director general, Confederation of Indian Industry (CII) said in a statement, commenting on GDP growth for the first quarter of the current year.
"In order to convert the first signs of revival into a full-fledged recovery, it is necessary that the government continues implementing the reforms agenda," he added.
"GDP growth of 5.7 percent in Q1 is certainly above our expectations. It is a great news given the fact the numbers are the best in two years," said Assocham president Rana Kapoor.
"The GDP data released today indicating a growth of 5.7 percent in Q1 FY15, vis-a-vis 4.6 percent increase in Q4 FY14, comes as a welcome breather and clearly points towards a pickup in economic activity. This momentum has to be carried forward with greater fervor," said Sidharth Birla, president, Federation of Indian Chambers of Commerce and Industry (FICCI).
The Indian economy expanded by 5.7 percent during the first quarter of the current financial year to log the highest growth yet in nine quarters or over two years.
GDP which is the aggregate market value of all the goods and services produced in the country, had expanded by just 4.6 percent in the previous quarter, that is January-March, and by 4.7 percent in the like quarter of last fiscal.
The 5.7 percent growth in April-June quarter is also the highest since the 6 percent increase logged during October-December quarter of 2011-12, as per data compiled by the Central Statistics Office (CSO).