GDP growth may surpass 7 pc to cross USD 4 tn in FY26: CEA
New Delhi (PTI): Buoyed by more-than-expected 8.2 per cent GDP growth rate in the second quarter, Chief Economic Adviser V Anantha Nageswaran on Friday expressed optimism that India's economy is likely to record growth of 7 per cent or higher than that in the current financial year.
The Economic Survey tabled in Parliament in January had projected real economic growth of 6.3-6.8 per cent for FY26.
Briefing the media after the release of the second-quarter GDP growth, Nageswaran said the Indian economy is expected to cross USD 4 trillion in the current fiscal year, given the current rate of growth.
India's Gross Domestic Product (GDP), an indicator of the size of the economy, stood at USD 3.9 trillion at the end of March this year, he added.
As India's economy recorded an 8 per cent growth rate in the first half of the current financial year, he said, the full-year outlook for GDP growth rate is now 7 per cent, or north of 7 per cent.
The Indian economy grew by a higher-than-expected 8.2 per cent -- a six-quarter high -- as increased factory production in anticipation of a consumption boost from the GST rate cut helped offset deceleration in farm output.
The growth in the second quarter, which compared to 7.8 per cent in the preceding three months and 5.6 per cent in the year-ago period, was also aided by a good showing by the services sector, which clocked double-digit growth.
The third quarter (October-December) of the current fiscal year has commenced on a sound footing, he pointed out.
He further said that the rural demand remains resilient while urban demand is gaining traction pst-GST rate cut.
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Have no personal involvement in Cong’s action against some minority leaders: Shivakumar
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Friday said he has no personal involvement in action taken against certain Congress leaders from the minority community following allegations of an internal conspiracy during the recently held Davanagere South bypolls.
He clarified that the decisions were taken by the party high command based on available reports.
Asserting that party discipline is of utmost importance, Shivakumar, who is also the Karnataka Pradesh Congress Committee (KPCC) president, sought to downplay concerns that action against minority leaders may send the message that “Muslims are being targeted.”
“I don’t have any personal involvement in this. Whatever decisions are taken are made by the party leadership. The party has its own reports. Decisions regarding MLAs or MLCs cannot be taken at the state level without instructions from Delhi,” he said.
Speaking to reporters, he added, “People may blame me; I am not concerned. Everyone must function in accordance with party discipline.”
Responding to concerns within sections of the party that recent actions may convey the impression that minority leaders are being targeted, he said the Congress exists for the welfare of Scheduled Castes, Scheduled Tribes, minorities, backward classes, farmers, and all sections of society.
The Congress has suspended MLC K Abdul Jabbar from primary membership and relieved another MLC, Naseer Ahmed, from the post of Chief Minister’s political secretary.
The action followed allegations by a group of Muslim leaders that certain party members conspired to defeat the official candidate in Davanagere South.
Following the action, speculation has emerged that Housing Minister B Z Zameer Ahmed Khan may also face disciplinary measures during the next cabinet reshuffle.
The three leaders had reportedly sought a Muslim candidate for the Davanagere South bypoll ticket, which the party instead allotted to the late MLA Shamanur Shivashankarappa’s grandson, Samarth Mallikarjun.
They were also said to have not actively participated in the campaign.
Shivakumar also rejected claims of factionalism within the ruling party amid speculation that leaders close to Chief Minister Siddaramaiah were being targeted.
Naseer Ahmed and Zameer Ahmed Khan are considered close to the CM.
Rejecting allegations of factionalism within the party, Shivakumar said, “We speak to each other every day. It is the media that creates divisions. Where is my faction? Has anyone put up a board saying they belong to the Siddaramaiah faction? Have I put up any such board?”
“All 139 legislators are my people, and they are all Siddaramaiah’s people as well. Everyone belongs to the Congress,” he added, saying there are no factions within the party and that such claims are media-driven.
Public Works Department (PWD) Minister Satish Jarkiholi met Shivakumar on Friday, a day after expressing concerns that disciplinary action against minority leaders may send the wrong message.
Shivakumar said he discussed with Jarkiholi the need to decongest Bengaluru traffic by diverting vehicles entering the city from state and national highways, along with party-related issues.
“We also discussed political matters in the interest of the party and the need to work together,” he said.
Later, speaking to reporters, Jarkiholi said he discussed with Shivakumar the issue of withdrawing Jabbar’s suspension. He said he will also visit New Delhi next week to meet the high command and discuss state developments.
“Jabbar’s suspension was discussed (with Shivakumar). It should be withdrawn. Let’s issue him a notice and allow him to reply. Then let’s send the report to the high command and seek their approval. High command approval is necessary because the instructions came from there. It may take some time,” he said.
Stating that he met the KPCC chief for “damage control,” the minister said, “We have tried to convince him. Sometimes certain decisions happen that need rectification.”
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