The measures put in place by the Modi govt led to the 8.2 per cent growth in the July-September quarter of the current fiscal, Goyal said while participating in a national padyatra in Vadodara, organised as part of the 150th birth anniversary celebrations of Sardar Vallabhbhai Patel.
Goyal said the Q2 growth data had countered criticism from some quarter about the economy’s trajectory. According to him, measures taken over recent years to reduce procedural delays, encourage investment and support production have begun to show lasting effects.
The government expected growth momentum to continue, the minister added.
Exports, he noted, have remained on an upward path despite a challenging global environment. Between April and October of the current fiscal year, merchandise shipments rose marginally by 0.63 per cent to $254.25 billion, while imports increased 6.37 per cent to $451.08 billion.
Q2 GDP: Sizzling, six-quarter high growth lights up India economic sceneServices exports reached $237.55 billion in the first nine months of the financial year, compared with $216.45 billion in April–October 2024.Official data shows that India’s 8.2 per cent second-quarter expansion remained well above China’s 4.8 per cent in the same period. Analysts attribute the faster pace to public capital expenditure, services demand, industrial output and steady household consumption.
A statistical base effect also played a role, as the economy had grown by 5.6 per cent in the same quarter a year earlier.
In Q2, anufacturing was among the standout sectors. Output increased 9.1 per cent in the July–September period, faster than the 7.7 per cent posted in the previous quarter and the 7.6 per cent recorded in the corresponding quarter last year.
Construction, by contrast, grew 7.2 per cent, slowing slightly from 7.6 per cent.
The broader macroeconomic backdrop included a reduction in the goods and services tax (GST), implemented ahead of the festive season. Officials say the revision helped stimulate demand and supported production during the quarter.
Goyal said that these trends pointed to sustained economic momentum. He described the export numbers as an indication of resilience at a time when global trade remains subdued.
The minister said the government would continue to prioritise steps that simplify business processes and promote investment.