India's 7.8 Pc Q1 GDP Growth Reflects Economic Resilience, Policy Reforms: Mospi Secretary

(MENAFN- IANS) New Delhi, Aug 31 (IANS) India's real GDP growth of 7.8 per cent in the first quarter of FY 2026-27 reflects the resilience of the economy, supported by policy reforms, consumer spending and investments, Dr Saurabh Garg, Secretary, Ministry of Statistics and Programme Implementation (MoSPI), said on Monday.

Garg said India remains one of the fastest-growing economies in the world and has maintained strong growth momentum over the past three years.

“India is one of the fastest-growing economies in the world. It has been growing rapidly over the last three years, and that momentum continues even now,” Garg said, adding that the growth also reflects the impact of various government interventions and the continued economic activity of households and individuals.

He attributed the resilience of the Indian economy to policy reforms, including reforms in the Goods and Services Tax (GST) regime.

“GST reforms have taken place, which have, firstly, made transactions more convenient, and secondly, improved data sources as well,” the MoSPI Secretary said.

Garg noted that better data enables policymakers to measure economic activity more accurately and take appropriate measures based on those assessments.

“If we measure something properly, we are able to take various measures based on it. And these reforms help on both these aspects,” he said.

On the stronger-than-expected GDP growth despite a challenging global environment, Garg said the resilience of the Indian economy has been visible both on a year-on-year and quarter-on-quarter basis.

“The reason for that is the resilience of the Indian economy, which is showing up year-to-year and quarter-to-quarter,” he said.

Garg said conservative growth estimates were understandable given the prevailing geopolitical uncertainties, but domestic consumption and investment had helped sustain economic momentum.

“Because of the overall geopolitical situation, conservative estimates are but natural. But I think the Indian consumer, the Indian household, private final consumption expenditure, and investments by corporates and governments have ensured that the growth remains resilient,” he said.

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