<p>Robust performance by manufacturing, construction and service sectors and good farm output pushed the India’s January-March 2018 GDP growth to a seven-quarter high of 7.7%, helping it retain the fastest growing major economy tag, government data showed on Thursday.</p>.<p class="bodytext">India’s economic expansion at 7.7% was significantly higher than China’s 6.8% in the January-March period. However on yearly basis, the Indian economy grew at a four-year low of 6.7% in 2017-18, down from 7.1% in the previous fiscal. The previous low was recorded in 2013-14 at 6.4%.</p>.<p class="bodytext">“GDP at 2011-12 prices in the fourth quarter of 2017-18 registered growth rate of 7.7% as against 5.6%, 6.3% and 7%, respectively, in the first three quarters of 2017-18. Rapid growth in agriculture (4.5%), manufacturing (9.1%) and construction (11.5%) contributed to the overall growth,” the Central Statistics Office (CSO) said in its national accounts data released on Thursday.</p>.<p class="bodytext">The previous high GDP growth of 8.1% was recorded in the April-June quarter of 2016-17. The GDP growth was 6.1% in January-March 2016-17.</p>.<p class="bodytext">Finance Secretary Hasmukh Adhia said, “The constant increasing trend of quarterly GDP numbers in the four quarters of 2017-18 at 5.6%, 6.3%, 7% and 7.7% indicates that the structural measures of reforms undertaken by government is now bringing rich dividends in the form of higher GDP growth rate.”</p>.<p class="bodytext">The decline in the annual GDP growth has been mainly due to dip in manufacturing, agriculture and mining activities. However, construction and financial services showed some improvements.</p>.<p class="bodytext">The gross value addition for the January-March quarter expanded at 7.6% from from 6% a year ago, data showed. Manufacturing sector GVA grew at 9.1% in fourth quarter, up from 6.1% year ago. Similarly, construction sector GVA rose 11.5% in the fourth quarter.</p>.<p class="bodytext">CII Director General Chandrajit Banerjee said, “The rebound in growth reinforces CII’s own assessment that the economy is back on track and is set for a strong recovery after the period of disruptions sparked by demonetisation and GST implementation. The GDP numbers for 2017-18 marginally overshoots the advance estimates of GDP released earlier this year.”</p>.<p class="bodytext">Assocham Secretary General D S Rawat said, “While Indian economy is in cyclical recovery, however, higher oil prices and tighter financial conditions will weigh on the pace of acceleration.”</p>
<p>Robust performance by manufacturing, construction and service sectors and good farm output pushed the India’s January-March 2018 GDP growth to a seven-quarter high of 7.7%, helping it retain the fastest growing major economy tag, government data showed on Thursday.</p>.<p class="bodytext">India’s economic expansion at 7.7% was significantly higher than China’s 6.8% in the January-March period. However on yearly basis, the Indian economy grew at a four-year low of 6.7% in 2017-18, down from 7.1% in the previous fiscal. The previous low was recorded in 2013-14 at 6.4%.</p>.<p class="bodytext">“GDP at 2011-12 prices in the fourth quarter of 2017-18 registered growth rate of 7.7% as against 5.6%, 6.3% and 7%, respectively, in the first three quarters of 2017-18. Rapid growth in agriculture (4.5%), manufacturing (9.1%) and construction (11.5%) contributed to the overall growth,” the Central Statistics Office (CSO) said in its national accounts data released on Thursday.</p>.<p class="bodytext">The previous high GDP growth of 8.1% was recorded in the April-June quarter of 2016-17. The GDP growth was 6.1% in January-March 2016-17.</p>.<p class="bodytext">Finance Secretary Hasmukh Adhia said, “The constant increasing trend of quarterly GDP numbers in the four quarters of 2017-18 at 5.6%, 6.3%, 7% and 7.7% indicates that the structural measures of reforms undertaken by government is now bringing rich dividends in the form of higher GDP growth rate.”</p>.<p class="bodytext">The decline in the annual GDP growth has been mainly due to dip in manufacturing, agriculture and mining activities. However, construction and financial services showed some improvements.</p>.<p class="bodytext">The gross value addition for the January-March quarter expanded at 7.6% from from 6% a year ago, data showed. Manufacturing sector GVA grew at 9.1% in fourth quarter, up from 6.1% year ago. Similarly, construction sector GVA rose 11.5% in the fourth quarter.</p>.<p class="bodytext">CII Director General Chandrajit Banerjee said, “The rebound in growth reinforces CII’s own assessment that the economy is back on track and is set for a strong recovery after the period of disruptions sparked by demonetisation and GST implementation. The GDP numbers for 2017-18 marginally overshoots the advance estimates of GDP released earlier this year.”</p>.<p class="bodytext">Assocham Secretary General D S Rawat said, “While Indian economy is in cyclical recovery, however, higher oil prices and tighter financial conditions will weigh on the pace of acceleration.”</p>
