India's GDP grows 7.7 pc in Q4, retains fastest growing economy tag
04 June, 2018, 11:13 | Author: Charlene Valdez
But this did not prevent GDP growth, at 6.7% in 2017-18, from falling to its lowest rate in four years.
India's GDP or gross domestic product growth accelerated to 7.7 per cent in the March quarter - the fastest pace of growth in seven quarters.
The minister further said that an huge growth in the field of manufacturing, agricultural and the construction has also been recorded, while highlighting that the manufacturing and construction areas also provide employment. Its confidence stems from the pick-up in investment, which at constant prices has risen from 31.1 per cent of GDP in 2016-17 to 31.4 per cent in FY18. "On balance, GDP and GVA growth are expected to improve to 7.1% and 7.0%, respectively, in FY2019, from 6.7% and 6.5%, respectively, in FY2018".
"What is most noticeable is the increase in the growth rate of GVA (Gross Value Added - which includes taxes but excludes subsidies) of manufacturing sector in the last two quarters of 2017-18 at 8.5 per cent and 9.1 per cent at constant price".
The role of fiscal policy was also clear in government consumption data that saw a growth of 16.8 percent year-on-year.
The minister also hailed and credited Prime Minister Narendra Modi and Finance Minister Arun Jaitley for the development.
The growth in the "agriculture, forestry and fishing", "mining & quarrying", "manufacturing", "construction", and "financial, real estate and professional services" is estimated to be 3.4 per cent, 2.9 per cent, 5.7 per cent, 5.7 per cent and 6.6 per cent, respectively, the statement said. His government launched a nationwide goods and services tax (GST) but its introduction was botched, almost scuttling India's growth prospects in the near term.
Though the farm GVA output growth was well above satisfactory mark of 4 per cent at 4.5 per cent in fourth quarter, it was lower than 7.1 per cent a year ago.
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"(It) seems like we have moved beyond the teething troubles related to GST implementation", said Tushar Arora, a senior economist at HDFC Bank. "The banking sector remains in a fragile state, and such problems have the potential to derail the ongoing growth recovery".
India's recovery could be threatened by higher global crude oil prices, which this month hit $80 a barrel, their highest since 2014. India meets 80 per cent of its oil needs from imports.
The government spending-linked public administration segment's growth rose to 13.3 percent from 7.7 percent in December quarter.
Rising oil prices could also weigh on the consumer demand, say economists.
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