Key Points
New Delhi: Former RBI governor Raghuram Rajan has attributed the sharp uptick in GDP in the first half of the current fiscal to infrastructure spending and good performance by large economies of the world but added India has to do a lot of catching up and the USD 5 trillion economy goal for 2025 is nearly impossible..
Rajan further said that even as India's growth rate is strong, private investment and private consumption have not picked up...
"So if you look at why we have done so well this year, one of the reasons we are doing so well is also because the world is doing well.. "... the other reason for this very strong growth in the first half is tremendous government spending on infrastructure," Rajan told PTI...
India retained the tag of the world's fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter on booster shots from government spending and manufacturing...
Earlier this year, sounding a note of caution, Rajan said that India is "dangerously close" to the Hindu rate of growth in view of subdued private sector investment, high-interest rates and slowing global growth...
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