New Delhi, Jan 5 - Prime Minister's Economic Advisory Council Chairman Bibek Debroy said on January 5 that advance GDP growth estimate of 6.5% reflected that the government's reform measures were yielding results.
He said that 6.5% for the full year meant that Q3 and Q4 numbers will be far better than first half of the year.
"Q3 numbers should be higher than 6.5% and Q4 numbers will be close to 7%. The growth numbers will depend on the indirect tax collections," he said as per a statement.
His remarks came after Chief Statistician T.C.A. Anant announced that Indian economy was expected to grow at a slower 6.5% in 2017-18 compared to the 7.1% in 2016-17.
Debroy said that several indicators had already shown signs of improvement, "whether it is the PMI (Purchasing Managers Index), the high growth in eight core-sector industries or data on car sales".
"The reform measures undertaken by the government will stimulate and pick up growth to more than 7% in 2018-19."
The EAC-PM Chairman said the advance estimate numbers only reinforce what was already known -- that reforms undertaken by the government will place the economy on an upward growth trajectory, without compromising on fiscal consolidation.
He expressed confidence that private investments and exports would also pick up in near future.