Declining oil price, stable rupee sure signs of coming high growth: Garg

By
Daily Excelsior
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The Secretary, Department of Economic Affairs, M/o Finance, Shri Subhash Chandra Garg meeting the Under Secretary for International Affairs at the U.S. Department of the Treasury, Mr. David R. Malpass, during 2018 Spring Meetings of the World Bank and International Monetary Fund, in Washington DC, USA on April 21, 2018.

NEW DELHI: Declining global oil prices, stable rupee and falling interest rate are sure signs of high growth in coming months, said Finance Secretary Subhash Chandra Garg.

India’s growth rate has declined to 5-year low of 5.8 per cent in the fourth quarter of the previous fiscal and 6.8 per cent for the full financial year 2018-19.

“Turn around in demand and financing conditions beginning well. PMI manufacturing is at 52.7. Crude is moving towards 60 dollars. Govt bond yield has gone below 7%. Spread for NBFCs/HFCs over Govt bond is narrowing. Rupee is firmly below 70. Sure signs of coming high growth,” he said in a tweet.

The country’s manufacturing sector performance gained momentum in May as companies lifted output amid strengthening demand conditions, leading to further job creation in the sector, according to the latest PMI data. (AGENCIES)

 

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