Kumar further stated that it was commendable how the growth continued to take place at a significant rate, in spite of major economic reforms such as demonetisation and the introduction of the Goods and Services Tax (GST).
"It is commendable how the GDP has grown after a downfall. In 1991, when economic reforms were taken, the economy was at a slow growth pace. Such is not case. It is noteworthy that in spite of the demonetisation drive and GST's impact, the economy is moving towards greater expansion," Kumar told ANI.
He further noted that the speed at which the economy is growing is appreciable, given the recent economic slowdown at a global level.
"While the GST may pose issues, this is the beginning stage. I believe that the problems will get resolved in the coming days. Our economy is growing and it will be an example in coming days," he said.
The growth in GDP during 2017-18, as per statistics released by the Central Statistics Office (CSO) was estimated at 6.5 percent, as compared to the growth rate of 7.1 percent in 2016-17. Real GDP at constant (2011-12) prices in the year 2017-18 is likely to attain a level of Rs. 129.85 lakh crore, as against the Provisional Estimate of GDP for the year 2016-17 of Rs. 121.90 lakh crore, released on May 31, 2017.
On the other hand, Gross Value Added (GVA) at basic constant prices (2011-12) is anticipated to increase from Rs 111.85 lakh crore in 2016-17 to Rs. 118.71 lakh crore in 2017-18. Anticipated growth of real GVA at basic prices in 2017-18 is 6.1 percent, as against 6.6 percent in 2016-17, the data revealed.
The sectors which registered growth rate of over 7.0 percent are, public administration, defence and other services, Trade, hotels, transport, communication and services related to broadcasting, electricity, gas, water supply and other utility services and financial, real estate and professional services.
The WPI in respect of the groups - food articles, manufactured products, electricity and all commodities, has risen by 2.0 percent, 2.6 percent, 0.4 percent and 2.8 percent, respectively during April-November 2017-18.
Meanwhile, the Consumer Price Index (CPI) has shown a rise of 3.0 percent during April-November, 2017-18. (ANI)