Earlier this week, investors spooked this week after India's Chief Economic Advisor Arvind Subramanian, in an economic survey ahead of the budget, suggested "a pause" in the fiscal consolidation path, while the government attempts to reinvigorate growth.
Finance Minister Arun Jaitley in his Budget 2018-19 speech exuded confidence that the economy in on the path of over 8 per cent growth rate. The finance minister said that 6.3 per cent growth clocked in the second quarter signalled the turnaround in economy. The growth in the second half of this fiscal (October-March) is expected to accelerate to between 7.2 per cent and 7.5 per cent, he added.
The finance minister also said that manufacturing is back on the growth path and recapitalised state banks will also be able to support growth.
He also said that economy under the first three years of the NDA rule clocked growth of 7.5 per cent.
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