Equitable India GDP growth!
GDP
Q2 a positive signs for India’s
Economic
prospects in the coming quarters
The
Central Statistics Office (CSO), Ministry of Statistics and Programme
Implementation released the estimates of Gross Domestic Product (GDP) for the
second quarter (July-September) Q2 of 2018-19. As per the CSO, growth rate
estimates of GDP at Constant Prices for July-September 2018 stand at 7.1%.
These
estimates represent a sizable jump from last year’s Q2 growth rate estimates of
6.3%, indicating sustained acceleration in India’s economic growth. The CSO
estimates state that GDP at constant prices was Rs. 33.98 lakh crores for Q2,
2018-19, which is a marked increase from of Rs31.72 lakh crores and Rs29.79
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 government’s
successful policy efforts in maintaining a stable domestic environment despite
global uncertainties. He further stated that the government’s focus on simplifying
India’s business (EoDB) and investment eco-system, complimented by its
initiatives to make growth more equitable and inclusive has greatly improved
India’s economic health in the recent past.
He
added that despite international trade tensions and volatile crude oil prices,
India’s strong economic fundamentals continue to provide the much-needed thrust
for it to be a major global driver of economic growth. The robust growth rates
in sectors such as manufacturing and construction show that the growth momentum
continues to be broad based.
The encouraging
growth figures along with continued empowerment of the economically
disadvantaged through programs such as last mile electricity connectivity and
housing for all, are positive signs for India’s economic prospects in the
coming quarters.
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