Rajiv Memani, the president of the Confederation of Indian Industry (CII), stated on Saturday that the country’s economy is resilient, as seen by the encouraging 7.8% GDP growth rate for the first quarter of the current fiscal year.
“The 7.8% growth rate in the Indian GDP has been a very welcome surprise. “This growth number was unexpected,” Memani told IANS.
According to the president of the CII, India’s economy would not only grow at the quickest rate in the world, but it will also differ significantly from any other major economy.
“So this has come as very, very positive news for India, and India will stand out in the global economic order and everyone will take notice of that,” he stated.
According to Memani, the Q1 GDP growth statistics shows how resilient the Indian economy is and how steady our policy framework has been over the past ten years.
The leader of the industry group also praised the Indian government for implementing reforms that will ensure sustained economic growth.
“The government deserves praise for implementing reforms to guarantee that new sectors of economic growth continue to occur,” Memani said, highlighting the Q1 results.
The president of the CII claims that the expansion has been extremely favorable generally and has occurred in several service sectors as well as the manufacturing sector.
“Obviously, this growth momentum has also come to a large extent because of an increase in government expenditure, both government, both on the capital side as well as the revenue side,” Mimani said.
He emphasized that the extraordinary growth rate in Q1 was caused by a sharp increase in government spending.
“The government’s spending has gone up by over 20%. Therefore, the government deserves praise for making sure they can spend the funds and guarantee a favorable outcome without putting the Fisk at danger.
India’s GDP growth surged to a robust 7.8% in the April–June quarter from 6.5% in the same quarter last year.
Compared to the 1.5% growth rate in the first quarter of the previous fiscal year, when farm output was impacted by an uncertain monsoon, the agriculture sector recovered with a robust 3.7% growth rate in the first quarter of 2025–2026.
The manufacturing and construction industries grew by 7.6 and 7.7 percent, respectively.
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