Kolkata, Sep 20 (PTI) Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM) Bibek Debroy on Friday said it would be incorrect to conclude that India is on a 5-per cent growth trajectory on the basis of just one quarter's GDP print.

The GDP growth in the April-June quarter of the 2019- 20 fiscal was 5 per cent, according to government data.

"One quarter of 5 per cent does not mean we are on a 5-per cent growth trajectory," Debroy said at the CII Banking Colloquium here.

Allaying fears of an economic downturn, he said there have been instances in the past when GDP growth fell below 5 per cent during a quarter, but recovered to 7 per cent in the very next quarter.

Debroy also said GST collection has been revenue negative so far instead of being revenue neutral.

Speaking about the economic growth, he explained high growth rate can be achieved by the states and they need to expand their GDP as about 90-95 per cent of national income is generated from states, the exceptions being the defence and railways.

"Hence, if we want to have 8-8.5 per cent rate of growth, that is not going to happen in Delhi but in states," he said.

Debroy further said, "There are several states, where since 2012-13, the average rate of GSDP growth is less than 6.5 per cent. Half the states are above the average, and if others can jack up their rates of growth, then 8-8.5 per cent rate of growth is doable."

He said the 15th Finance Commission is going to submit its recommendation by end of November, and its recommendations kick in from April 1, 2020.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)