Expressing his confidence about the Indian growth story, Reserve Bank of India (RBI) Governor Raghuram Rajan has said that India's growth is picking up further with 'more animal spirit' and good monsoon and public investment picking up pace, but also said that there will be need for more private investment. He added that Indian economy is capable of growing at a faster pace and is on the right direction though 'true numbers' of GDP could be 1 per cent up or down.
Stressing on the need for private investment to pick up for faster economic growth, Rajan said even though the economy is moving in right direction there is more work to be done before celebrating, which can be done only if we see private investment strongly back on track and I think we are capable of much stronger growth that we have right now.
Commenting of the controversy surrounding the GDP numbers based on new calculations, he said the change has been broadly in the positive direction and the statisticians have done as good a job as they can and economic growth is significantly high as costs have come down. Recent GDP numbers pegged India's growth for 2015-16 at 7.6 per cent the fastest among the world's major economies.