Expressing optimism over economic growth, Niti Aayog Vice Chairman Rajiv Kumar has said that India’s economy is likely to bounce back during the fourth quarter at a faster rate to match the overall projection for the current fiscal. However, he said the economy is unlikely to recover in the third quarter from the slow pace during the last quarter.
On the overall Gross Domestic Product (GDP) growth of India during the current financial year (FY19), Kumar said Niti Aayog has not done its own projection yet. He added that ‘I think it will be around the same figure as projected by the Reserve Bank, which will be 7.4-7.5%’.
India’s growth in the July-September quarter slipped to 7.1% from 8.2% in the April-June quarter as consumption demand moderated and farm sector displayed signs of weakness. The growth in Q2FY19 was the lowest in three quarters but better than 6.3% in the same period of the previous year, helping the country retain the tag of the world’s fastest-growing major economy, ahead of China.
