India’s economic growth accelerates to 15-quarter high of 8.2% in Q1FY19

03 Sep 2018 Evaluate

With the help of solid expansion in manufacturing and farm sectors, India’s economic growth accelerated to a 15-quarter high of 8.2% during the first quarter (April-June) of the fiscal year 2018-19, as compared to growth rate of 5.59% in the first quarter of the previous financial year (2017-18) and 7.7% in the last quarter (Q4FY18). The growth, which surpassed the street estimates, cemented India’s position as the fastest growing major economy, clocking higher expansion rate than China’s 6.7% in the same quarter. The previous high quarterly GDP growth was recorded in July-September period in 2014-15 at 8.4%.

As per the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation data, Gross Domestic Product (GDP) at constant (2011-12) prices in Q1 of 2018-19 is estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2%. Quarterly GVA at basic price at constant (2011-2012) prices for Q1 of 2018-19 is estimated at Rs 31.63 lakh crore, as against Rs 29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8.0% over the corresponding quarter of previous year. GDP at current prices in Q1 of 2018-19 is estimated at Rs 44.33 lakh crore, as against Rs 38.97 lakh crore in Q1 of 2017-18, showing a growth rate of 13.8%. GVA at Basic Price at current prices in Q1 of 2018-19, is estimated at Rs 41.02 lakh crore, as against Rs 36.34 lakh crore in Q1, 2017-18, showing an increase of 12.9%.

According to the data, manufacturing, electricity, gas, water supply & other utility services, construction and public administration, defence and other services registered a growth more than 7%. Manufacturing grew at a nine-quarter high of 13.5% largely owing to a low base effect, while the services sector expanded at a slower pace. Similarly, construction, whose growth had plummeted to 1.8 per cent in Q1FY18, rose to a healthy 8.7 per cent in Q1FY19. Agriculture and allied activities also registered an impressive 5.3 per cent growth rate in Q1FY19, up from 4.5 per cent in Q4FY18, on the back of a surge in production. The growth in the ‘mining and quarrying’, ‘Trade, hotels, transport, communication and services related to broadcasting’ and financial, real estate and professional services is estimated to be 0.1%, 6.7%, and 6.5% respectively, during this period.

Besides, Union Finance Minister Arun Jaitley said that GDP growth rate of 8.2% GDP growth in the first quarter of the current fiscal represented the potential of a ‘New India’ in an environment of global turmoil. He added ‘Reforms and fiscal prudence are serving us well. India is witnessing an expansion of the neo middle class.’ Meanwhile, Economic Affairs Secretary Subhash Chandra Garg stated that Indian economy has completed its recovery process and will exceed 7.5% growth rate in fiscal 2018-19. He said that the 8.2% growth indicates that the economy was now on a very steady high growth rate.

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