In one of the biggest expansion in nearly seven quarters, the Indian economy grew at 7.7 per cent during the period from January to March retaining its position as the fastest-growing major economy, government data showed. This was largely on account of robust performance in manufacturing, construction and service sectors as well as good farm output.
India surpassed China’s growth of 6.8 per cent in the January to March quarter.
The Central Statistics Office (CSO) in its national accounts data released today said, “GDP at 2011-12 prices in the fourth quarter of 2017-18 registered growth rate of 7.7 per cent as against 5.6 per cent, 6.3 per cent and 7 per cent, respectively, in the first three quarters of 2017-18. Rapid growth in agriculture (4.5 per cent), manufacturing (9.1 per cent) and construction (11.5 per cent) contributed to the overall growth.”
Prior to this performance, the previous high GDP growth of 8.1 per cent was recorded in April-June quarter of 2016-17. The GDP growth was 6.1 per cent in January-March quarter in 2016-17
Today’s data is likely to be a welcomed by Narendra Modi-led BJP government at the Centre, who is set to seek a second term next year.
Meanwhile, Chief Economic Adviser Arvind Subramanian said the GDP numbers are on an expected note. “It is what we said in the Economic Survey,” Subramanian was quoted as saying in ANI.
Union Minister Piyush Goyal said that GDP growth has been increasing continuously every quarter with growth of 7.7% in Q4 of 2017-18. “Shows that economy is on right track and set for even higher growth in the future. This is Sahi Vikas under leadership of PM Narendra Modi ji and Arun Jaitley ji,” he was quoted by ANI as saying.
(With inputs from agencies)