India is like an oasis in the desert in times of global turmoil: Goyal

Commerce Minister Piyush Goyal on Wednesday termed India as an "oasis in the desert" in times of global turmoil as the country continues to be the fastest growing amongst the large economies of the world.

"...in this global world of turmoil, India is that one oasis in the desert. the desert. India is that one country which has continued to stay the course. They've continued to be the fastest growing amongst the large economies of the world," he said.

His remarks came a day after the government released gross domestic product (GDP) of the first quarter of FY27, reporting a 7.8% economic growth, up from revised 6.9% in the same quarter last year.


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He also reiterated that the government is planning to ‌to ⁠exempt high-end ⁠sectors ​such ​as ​semiconductors ⁠from ‌government-mandated standards.

Goyal is set to visit the US ‌later ⁠in ⁠September ​for the meeting of the ​trade ministers of G20 ​nations.

Hitting at the Opposition, the trade minister said, "The naysayers can say what they want, but 7.8% growth is a reality. Some of the opposition leaders—you can throw in along with them a former finance secretary or a former Reserve Bank governor, both of whom could not complete their terms in India or in the government, and for the right reasons. Many of you will remember all that the country was going through in the 2012 to 2014 period... They are trying to misguide the people of India by comparing a growth rate from an old series with a new series, where the base year itself has changed. They are trying to find holes where there is 7.8% growth. But where are the jobs?"