India GDP grows 8.2% in Q1
India GDP grows 8.2% in Q1
The
Central Statistics Office released the estimates of GDP for the first quarter
(Q1) of 2018-19. In line with momentum
built in the economy, the growth of GDP in real terms in Q1 of 2018-19 is 8.2
per cent, reinforcing the high growth of 7.7 per cent recorded in last quarter
of 2017-18.
This
growth is broad-based and has been driven by 8.4 per cent growth in consumption
expenditure and 10.0 per cent growth in fixed investment. The latter
development is particularly encouraging as it has come about over an impressive
growth of 14.4 per cent in Q4 of 2017-18 and augurs well for future growth.
A
look at the GVA in different sector points towards the fact that the growth of
agriculture sector in Q1 of 2018-19 was robust at 5.3 per cent on top of 4.5
per cent growth in Q4 of the previous financial year. The growth of
manufacturing sector GVA picked up significantly to 13.5 per cent in Q1 of
2018-19, as against negative growth of 1.8 per cent in Q1 of 2017-18.
The
construction sector GVA growth was 8.7 per cent in Q1 of 2018-19, as compared
to 1.8 per cent in Q1 of 2017-18. The services sector continued to do well,
building up on growth achieved last year. All in all, despite some head-winds
like higher crude oil prices, uncertainties on trade front due to protectionist
tendencies in some countries, the Indian economy has performed well.
We
can expect the growth for the year as a whole to be very robust and India to be
the fastest growing economy in the world. In his tweet, Shri Subhash Chandra
Garg, Secretary Department of Economic Affairs said “Excellent growth
performance in 1Q 8.2% overall growth, 13.5% growth in manufacturing and over
10% in capital formation. V shaped recovery of growth in Indian economy is
complete now. We should grow at robust and steady state in 18-19 remaining
fastest economy in World.”
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