India’s growth trajectory
India’s growth trajectory
Latest
GDP Estimates reflect superior acceleration in India’s growth trajectory says Chairman,
EAC-PM. The Central Statistics Office (CSO), Ministry of Statistics and
Programme Implementation released the estimates of Gross Domestic Product (GDP)
for the first quarter (April- June) Q1 of 2018-19. As per the CSO, GDP growth
rate estimates for April-June 2018 stand at 8.2%.
These
estimates represent a significant jump from last year’s Q1 growth rate
estimates of 5.6%, indicating superior acceleration in India’s growth
trajectory. This also validates that the economic fundamentals remain robust.
The CSO estimates state that GDP at constant prices was Rs. 33.74 crores for
Q1, 2018-19, a rise from of Rs. 31.18 lakh crores and Rs. 29.42 lakh crores for
the same period in 2017-18 and 2016-17, respectively.
Welcoming
this development, Dr. Bibek Debroy, Chairman of the Economic Advisory Council
to Prime Minister (EAC-PM) attributed this positive trend to continued impetus
on structural reforms and effective implementation of ongoing policy
initiatives. He further stated that the focus on boosting capital spend in infrastructure
sector and multiple initiatives to provide universal access to basic goods and
services has not only contributed to this growth but has improved its quality as well.
He
added that despite an uncertain international environment and volatile crude
oil prices, India’s sustained growth reflects its strong resilience to adverse
global conditions, because of strong economic fundamentals. The encouraging
growth rates in agriculture, manufacturing and construction show that the
growth momentum continues to be broad based. In addition, one also expects
favourable monsoons to further boost agricultural output and rural consumption
in the coming quarters. (First published on September 1, 2018)
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