India’s largest apex body of business organisation, Federation of Indian Chambers of Commerce and Industry (FICCI) has praised the country’s economic growth, which was recorded at 7.7% for Q4 (January-March) of fiscal year 2017-18, the fastest in seven quarters. It noted that India’s growth scenario is set to improve further going ahead as the March quarter growth clearly shows that the Indian economy is on an uptrend.
The industry body has further stated that the GDP growth data released presents an optimistic picture of the economy, reflected in y-o-y growth for Q4, especially for construction and manufacturing sectors. It also expressed hopes that the government will continue investing in infrastructure to accelerate the pace of growth even further.
According to FICCI, Indian economy will grow at 7.5 percent in the current fiscal. However, it warned that one will have to be watchful about the movement in the oil prices in the global market as well as the pace at which the health of the domestic banking sector improves.