Goyal Defends 7.8% GDP Growth, Denounces Opposition Claims at ACMA Session
NEWZA Editorial Team••Source: MoneyControl
NEWZAFinancial Intelligence Feed
⚡ Key Financial Takeaways
India’s GDP growth reported at 7.8% for the fiscal year, countering opposition claim of 2.6%.
Goyal highlights labour shortages in textiles and engineering sectors, stressing the need for skilled workers.
US Ambassador Sergio Gor notes close trade cooperation, with Goyal scheduled for a U.S. visit to discuss a ‘fair’ trade relationship.
ACMA Session Highlights On September 2, Union Commerce and Industry Minister Piyush Goyal addressed the 66th Annual Session of the Automotive Component Manufacturers Association of India (ACMA). He praised India as a "oasis in the desert" amid global turmoil, stressing that the country’s 7.8% GDP growth remains the fastest among large economies. Goyal also warned that the opposition is misguiding the public by comparing old and new GDP series, thereby distorting the true growth picture.
Debate Over GDP Figures Goyal sharply rebuked former finance secretary Subhash Garg’s assertion that India’s real growth was only 2.6%. He explained that the base year change in the new series renders such a comparison statistically meaningless. "Ministers do not manufacture data; truth cannot be hidden," Goyal said, emphasizing that the record 7.8% growth reflects the hard work of 140 crore Indians and positions India as a trusted global partner.
International Trade and Future Outlook During the event, US Ambassador to India Sergio Gor highlighted the close collaboration between Washington and New Delhi on building a "fair" trade relationship. Goyal confirmed plans to visit the United States later in the month to further strengthen ties. He concluded that India will continue to grow rapidly under Prime Minister Modi’s leadership, urging the public to ignore negative narratives from a few jobless economists and opposition leaders. The minister’s remarks underscore India’s commitment to sustained growth, labour market reforms, and strategic trade partnerships.
