Prime Minister Narendra Modi has congratulated the people for achieving the 7.8 per cent first-quarter GDP growth rate. At the same time, he held up a mirror to the opposition which had been making dire predictions about an "economic tsunami". Modi said those who want to push India into the abyss of despair have failed. The world’s two top economies – China (4.3 pc GDP) and the US (2.1 pc GDP) are struggling. In India, the service sector recorded 10 pc growth while the manufacturing sector registered 9.2 pc growth in the first quarter. By all indications, this is a good sign for the economy.
