PM Modi holds meeting with Economic Advisory Council to boost India's growth amid global turmoil
New Delhi, June 6
Prime Minister Narendra Modi on Saturday held a meeting with the members of the PM-Economic Advisory Council.
PM Modi and the members of the Economic Advisory Council discussed various ideas and measures to further boost India's economic growth in times of global turmoil.
Various reforms to improve ease of living and ease of doing business were also discussed. The Members also gave their assessment of the impact of the West Asia Conflict on India and the world.
The meeting comes at a time when economies across the world continue to grapple with geopolitical tensions, trade uncertainties and uneven growth trends.
Last month, PM Modi made seven appeals to citizens to contribute towards economic resilience by reducing dependence on imported fuel and adopting environmentally sustainable alternatives amid the West Asia conflict.
PM Modi urged citizens to prioritise work from home, cut fuel consumption, avoid foreign travel for a year, adopt Swadeshi products, reduce cooking oil use, shift to natural farming and curb gold purchases.
To combat the volatility of fuel prices, PM Modi urged a shift in how India moves. He requested citizens to reduce petrol and diesel consumption by using the metro and public transport wherever available, opting for carpooling when private vehicles are necessary, preferring railway transport for the movement of goods, and increasing the use of electric vehicles wherever possible.
Meanwhile, India's economy has outperformed market expectations in the fourth quarter of FY 2025-26, with real Gross Domestic Product (GDP) estimated to grow 7.8 per cent year-on-year, while full-year growth is pegged at 7.7 per cent, according to official data released on June 5.
Real GDP at constant prices is estimated at Rs 87.77 lakh crore in Q4 FY26, up from Rs 81.40 lakh crore in the corresponding quarter of the previous fiscal. Nominal GDP for the quarter is estimated at Rs 94.65 lakh crore, registering a growth of 9.1 per cent.
For the full financial year 2025-26, real GDP is estimated to attain Rs 323.12 lakh crore, compared with the First Revised Estimate of Rs 299.89 lakh crore in FY25, reflecting a growth rate of 7.7 per cent. Nominal GDP is estimated at Rs 346.36 lakh crore, growing 8.9 per cent over the previous year.
Gross Value Added (GVA), a key measure of economic activity, is estimated to grow 7.9 per cent in FY26, while nominal GVA is projected to rise 9.1 per cent. In the fourth quarter, real GVA growth stood at 7.9 per cent, while nominal GVA expanded 9.9 per cent.
The data showed that the secondary and tertiary sectors remained the key drivers of growth. For FY26, the secondary sector is estimated to grow 8.8 per cent and the tertiary sector 9.3 per cent at constant prices. The primary sector registered growth of 3.2 per cent, supported mainly by agriculture and fisheries.
— ANI
Reader Comments
PM Modi's Swadeshi appeal is practical. Reducing oil imports by using metro and carpooling can help. But why ask citizens to cut gold purchases? Gold is part of our culture and savings. The government should instead stabilize gold prices through better policies.
Finally, someone talking about natural farming! Our farmers need real support, not just appeals. The secondary and tertiary sector growth is great, but agriculture needs more attention. 3.2% growth in primary sector is too low for an agrarian economy.
Impressive growth numbers. As someone who follows Indian economy closely, the 9.1% nominal GDP growth in Q4 is remarkable given global headwinds. The West Asia conflict impact seems well managed. Keep it up! 🇮🇳
I appreciate the focus on ease of doing business, but what about ease of living for women? Work from home is not an option for most of us in manufacturing or service jobs. The metro is great but not safe everywhere at odd hours. Need more inclusive policies.
Good to see EAC meeting regularly. But 7.7% GDP growth needs to translate into jobs for our youth. The tertiary sector booming is nice, but we need manufacturing growth too. 'Make in India' needs more push in electronics and defence sectors.
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