New Delhi, Aug 31 (PTI) Various growth parameters indicate that India continues to be the fastest-growing economy in the world and the country's GDP data for the first quarter of the current fiscal should come at around 8 per cent, thanks to "Modinomics", the BJP said on Thursday.

The increase in both rural and urban demand, the consumption pattern, the Goods and Services Tax (GST) collection and various other parameters provide "very good indications" for the future, Bharatiya Janata Party's (BJP) national spokesperson Syed Zafar Islam told a press conference at the party headquarters here.

"With festivals approaching, there will be further increase in demand. The economy of the country will be in a much better position. The growth momentum will also increase further," he said, giving credit to "Modinomics" -- Prime Minister Narendra Modi's economic vision.

"The GDP data for the first quarter is going to come today. I don't know what the figure will be, but the speed of growth indicates that it will be around 8 per cent," the BJP leader said.

He said 8 per cent is a "fabulous" number and added that "it only shows that India's economy is not just growing, but growing at a very fast pace".

India continues to be the fastest-growing economy in the world while the economy of other countries, including that of China, is contracting, Islam said.