India's GDP grows at 7.7% in quarter of 2017-18: Piyush Goyal

India's GDP grows at 7.7% in quarter of 2017-18: Piyush Goyal

India's GDP grows at 7.7% in quarter of 2017-18: Piyush Goyal

For the financial year ended on March 31, the growth rate was pegged at 6.7 per cent, down from 7.1 per cent for a year earlier.

The statement by Ministry of Statistics and Programme Implementation said, "GDP (at 2011-12 prices) in the fourth quarter of the financial year 2017-18 registered growth rate of 7.7 per cent as against 5.6 per cent, 6.3 per cent and 7 per cent respectively, in Q1, Q2 and Q3 of 2017-18".

"So manufacturing at 9.1 per cent and construction at 11.5 per cent indicate a turnaround in the economy which going forward would also give a big momentum to growth", he said.

Last year, it reported 6.1 percent growth in GDP for the fourth quarter of 2016-17.

Briefing reporters in New Delhi this evening, Secretary, Department of Economic Affairs S C Garg said, GDP growth has been revised upwards from 6.6 percent. There has been improvement in growth rate in manufacturing and construction. In 2019-20, it has projected the growth rate to be higher at 7.5 per cent.

The GDP growth during the third quarter of the fiscal was at 7 per cent. "GDP growth has been increasing continuously every quarter with growth of 7.7 per cent in Q4 of 2017-18". The pickup in growth surely offers a boost to prime minister Narandra Modi, who will be seeking a second term next year.

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The decline in the annual GDP growth has been mainly due to dip in manufacturing, agriculture and mining activities.

Unless the Centre restricts the pass-through of fuel price increases by reducing excise duties, India may once again end up in an unenviable situation of falling growth and rising inflation. GVA calculates the growth without the impact from indirect taxes and subsidies.

Also, export-oriented industries particularly MSMEs in sectors like iron and steel, machinery and metal products, chemicals and agricultural goods are likely to take a hit. Healthy topline and bottomline growth in the corporate sector, as well as buoyant cement and steel output point to an upturn in the business cycle.

India is rebounding from an economic slowdown, with growth seen at more than 7 percent, only to find itself ensnared by the volatility engulfing emerging markets. "We should however be wary of the headwinds the economy faces in the coming quarters from higher crude prices feeding into inflation and rising inflation expectations".

"A sustained rise in oil prices to $100 a barrel could even lead to a re-emergence of some of the external and currency risks that existed pre-2014", said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd.

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