Daily Management Review

India Fastest Growing Major Economy In The World At 7.7% In Jan-March Quarter


05/31/2018




India Fastest Growing Major Economy In The World At 7.7% In Jan-March Quarter
The Indian economy grew at its fastest pace in almost two years for the January-March quarter at 7.7 percent year-on-year.
 
The rate was more than that of China – at 6.8 percent in the same period making India as the fastest growing major economy.

The overall growth was driven by robust growth in agriculture, manufacturing and construction sectors – cementing India’s growth position
 
Ashima Goyal, member of Indian Prime Minister’s Economic Advisory Council, said, “This agricultural growth projects that there is diversification to other high valued items and other income sources. Construction doing so well again suggests that maybe low income housing and the radar has settled and so there is a source of employment which is also a good number.”
 
The growth rate of the Indian economy in Q1, Q2 and Q3 of 2017-18 was 5.6 percent, 6.3 percent and 7 percent respectively.

The January-March quarter was the fastest growing quarter since the process of demonetization – scrapping of high value currency notes in November of 2016 and the implementation of a goods and services tax (GST) in July last year. Both the reforms had stalled growth.

Compared to the same period last year, there was a slower growth at 6.5 percent in the Gross Value Added (GVA) according to the central statistics office (CSO) estimates. The GVA growth was 7.6 percent in the quarter-ended March – higher than the 6.6 percent notched in October-December quarter.

There was a 9.1 per cent growth in the manufacturing sector in the quarter-ended March \which was higher compared to the 8.1 percent growth in the same period last fiscal year and the 8.1 percent growth in the previous quarter.
 
For the entire 2017-18 fiscal, the GDP growth is expected to be about 6.6 per cent, according to CSO’s second advance estimates.
 
Subhash Garg, secretary, Department of Economic Affairs, India, said, "we have maintained Q4 GDP growth will be better. Good growth in capital goods, construction, manufacturing indicates a turnaround in the economy."'
 
And despite Moody’s forecast of the impact of increase in oil prices, the government is holding on to its GDP forecast at current levels, he further added.
 
The official growth rate was similar to a prediction by a Reuters poll which suggested the growth of the Indian economy to be at 7.3 per cent in the given period which would make India the fastest growing major economy in the world.

Industry chambers Confederation of Indian Industry (CII) on Monday said that its prediction for 2018-19 growth for the Indian economy was at 7.3-7.7 per cent and would be driven by "sustained structural reforms", bouncing back of the global economy and a normal monsoon.

"The impact of sustained structural reforms is now being felt on the ground as a mammoth economy is turning around," CII President Rakesh Bharti Mittal said in a statement.

Adhia also said, "What is most noticeable is the increase in the growth rate of GVA of manufacturing sector in the last two quarters of 2017-18 at 8.5% and 9.1% at constant price. We would like to believe that GST has given a big boost to the industrial sector."
 
(Source:www.news18.com)






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