 Early Times Report
JAMMU, Nov 29: The stronger-than-expected 8.2% GDP growth in the July-September quarter has drawn praise from the J&K BJP, with party spokesperson and Convener (International Affairs) Gaurav Gupta stating that the numbers reaffirm India's economic resilience under Prime Minister Narendra Modi's leadership.
Reacting to the National Statistics Office (NSO) data, Gupta said the six quarter high growth driven by robust manufacturing and double digit expansion in services proved that India continues to be the world's fastest growing major economy despite multiple global challenges.
"Even with the recent tariff measures imposed by the United States and a volatile international economic environment, India has displayed extraordinary economic strength. This 8.2% GDP print is a clear endorsement of Prime Minister Modi's vision, reforms, and the government's unwavering commitment to fiscal discipline and structural transformation," Gupta said.
He added that the recent reform initiatives, including the revamped GST 2.0 framework ending second quarter , have boosted manufacturing sentiment and festival-season demand. Since GST 2.0 was implemented only from September, its direct impact on the Q2 GDP numbers is limited to barely ten days; however, it is expected to emerge as a major driver of growth in the third quarter as its full effects begin to unfold.
Gupta further remarked, "GST 2.0 contributed barely around ten days to the Q2 GDP calculations yet even this short window has helped support the remarkable 8.2% growth. Had GST 2.0 been implemented earlier in the quarter, India would have surged even further ahead. With the reform now fully operational, we are expecting exceptional and even stronger economic performance in the third quarter."
"Factories ramped up production following these reforms. The results are visible, manufacturing has grown a remarkable 9.1%, and services have crossed the 10% growth mark. These sectors are the backbone of job creation, and the Modi government has ensured sustained momentum," he added.
Gupta said India's economic fundamentals remain strong, pointing out that GDP in the first half of FY 2025-26 has grown 8%, substantially higher than last year's 6.1%. He further stated that this performance has positioned India to outpace the Economic Survey's full year growth projection of 6.3-6.8%, making a >7% annual growth rate "not just likely but achievable."
"The world is witnessing that even when global inflation, wars, and supply-chain disruptions affect major economies, India continues to march ahead. This growth is the outcome of decisive leadership, targeted public investment, and reforms that have unleashed productivity, improved ease of doing business, and strengthened macroeconomic stability," Gupta remarked. He lauded Finance Minister Nirmala Sitharaman's emphasis on the role of reforms and fiscal consolidation, adding that the BJP-led government remains committed to sustaining this momentum. "Under PM Modi, India is not just growing; it is leading the global growth story. The Q2 numbers are yet another milestone in India's rise as an economic powerhouse," he added. |
