India has sound eco growth potential, says Jaitley
India has sound eco growth potential, says Jaitley

India witnessing expansion of neo-middle class: Jaitley

Agency News

New Delhi, Sept 01: Union Finance Minister Arun Jaitley on Friday said with the GDP hovering at 8.2 per cent in the first quarter of this financial year, India is witnessing an expansion of the neo-middle class.

India's GDP, for the first quarter this year growing at 8.2 per cent in otherwise an environment of global turmoil, represents the potential of New India, Jaitley tweeted shortly after the Central Statistics Office released data on the country's GDP.

'Reforms and fiscal prudence are serving us well. India is witnessing an expansion of the neo-middle class,' Mr Jaitley added.

Finance Secretary Hasmukh Adhia said on his Twitter account that the GDP growth rate of 8.2 per cent indicates clearly that several structural reforms introduced, such as GST, have started giving rich dividends. The growth in the manufacturing sector of 13.5 per cent also indicates broad-based recovery of demand.

'It has been a remarkable speed of economic recovery in the last four quarters- 6.3 per cent, 7 per cent, 7.7 per cent and now, 8.2 per cent,' he added.

Secretary of the Department of Economic Affairs Subhash Chandra Garg said the Indian economy has registered an excellent growth performance in the first quarter. 'An 8.2 per cent overall growth, 13.5 per cent growth in manufacturing and over 10 per cent in capital formation. V shaped recovery of growth in Indian economy is complete now. We should grow at robust and steady state in 2018-19, remaining fastest economy in the world,' Garg told a press conference here.

He added that GST's impact on the economy had ended six months ago. Economic activities had started bearing fruits and today's figures have confirmed it.