Fall in Q1 GDP numbers is due to poll code and restricted govt expenditure

After the release of the first quarter GDP numbers, RBI Governor Shaktikanta Das on Saturday stated that India's growth story is intact.

The governor was speaking at the National CA Conference in Bhubaneswar, Odisha.

He also highlighted that the fall in the GDP numbers is only because of a reduction in the government spending due to the recently concluded elections which restricted the government spending and the low growth in the agriculture sector. He shared that the growth of all other major sectors is above 7 per cent.

"I would like to say with all humility and sincerity and with all confidence that the Indian growth story is intact," said the Governor.

Highlighting the reason for moderation in growth numbers he said "It's one component which has pulled down the growth, its government expenditure, both central and state government expenditure, perhaps due to the election season".