India’s GDP growing at 7.4%, inflation at record low

Ahead of presenting its first full budget on February 28, the Indian government has underlined that the country’s economy is the fastest growing large economy in the world, with GDP growth at 7.4 percent and stressed that inflation was at a record low.

In his presidential address to joint session of parliament February 23, India’s President Pranab Mukherjee said that inclusive growth was a top priority of the government, and it was committed to expand the job market.

“Inflation and food inflation, in particular, are at a record low due to a number of decisive measures taken by the government,” President Mukherjee said while addressing the members of two houses of parliament on February 23.

Mr Mukherjee underscored the government’s commitment to expand the job market and bring transparency and accountability in enforcing labour related regulations. He also stressed on the government’s determination to reduce expenditure, GST and bring back black money.

“Our external sector is now far more resilient, particularly with a moderate current account deficit and a broadly stable rupee. Our foreign exchange reserves have been substantially augmented,” the president said.

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