7.6% GDP growth significant, no need to be sceptical: Shaktikanta Das

Economic Affairs Secretary Shaktikanta Das on Tuesday said the 7.6% Gross Domestic Product (GDP) growth is "significant" amid the global turmoil and there is no need to be "sceptical". At the same time, he underscored the importance of reforms.

According to data from the Central Statistics Office (CSO), the economy is expected to grow at a five-year high of 7.6% in the current fiscal.

"The 7.6% GDP growth amid global turmoil, which is going bad to worse, is significant. Need to continue reforms and policy initiatives," the Secretary said in a tweet.

7.6 % GDP growth amidst global turmoil, which is going bad to worse, is significant. Need to continue reforms and policy initiatives.

— Shaktikanta Das (@DasShaktikanta) February 9, 2016

In another tweet, Das said, "Looking at our economy, we need to believe in ourselves. No need to be sceptical. That is a soft option."

Looking at our economy, we need to believe in ourselves.No need to be sceptical.That is a soft option.

— Shaktikanta Das (@DasShaktikanta) February 9, 2016

The CSO data showed that the economy grew at 7.6% in the first quarter, 7.7% in the second quarter and 7.3% in the third quarter.

The CSO's estimate is higher than the Finance Ministry's mid-year economic analysis, which projected a growth rate of 7-7.5% for the current fiscal. It is also higher than 7.4% estimated by the Reserve Bank of India (RBI).

The Congress party on Tuesday cast doubt on official projections that GDP would grow at 7.6% and alleged that Prime Minister Narendra Modi is "encouraging financial jugglery".

The International Monetary Fund (IMF) has projected India's growth at 7.3% while the Asian Development Bank expected India's GDP to expand by 7.4% in 2015-16. Moody's Investors Service has put the corresponding figure at 7% for this fiscal.