India's economic growth jumps to 7.7%

India's economic growth jumps to 7.7%

India's economic growth jumps to 7.7%

Meanwhile, for the 2017-18 full fiscal year ended in March, the economic growth came in at 6.7 per cent. "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".

CII director general Chandrajit Banerjee said, "The significant expansion in GDP print has been powered by a broad-based upturn in farm output, improved manufacturing performance and a vibrant services sector". Cambodia's growth rate for 2018 is expected to be 6.9 per cent, which is more or less consistent with its growth rate of 2017 (6.8 per cent) and 2016 (7 per cent).

India has retained the fastest growing economy tag clocking a stellar 7.7 % in fourth quarter of the FY18.

India shot past China's 6.8 per cent growth for the January-March quarter.

NEW DELHI, May 31 (Reuters) - The Indian economy grew 7.7 percent year-on-year in January-March, its quickest pace in almost two years driven by higher growth in manufacturing, the farm sector and construction. It seems like we have moved beyond the teething troubles related to GST implementation.

More news: One million French smokers have quit in the past year

The economic growth in January-March period of 2017-18 surged to 7.7 per cent, the highest since a painful demonetisation and chaotic GST rollout. "We hope the Monetary Policy Committee would not press the panic button that could create further friction on growth rate and would continue to hold on to the interest rates", he said.

At the sectoral level, the growth rate of GVA at constant (2011-12) prices for agriculture & allied sectors, industry and services sectors for the year 2017-18 are estimated at 3.4 per cent, 5.5 per cent, and 7.9 per cent respectively.

The Indian government earlier this month sought assurances from Saudi Arabia, OPEC's biggest producer, that oil prices would remain "stable and moderate".

For oil-importing India, the combination of a weaker currency and surging oil prices is a threat not only for the current-account deficit, but also inflation.

"Overall, we expect 2018 to be a year of robust global growth, similar to 2017". Higher oil prices have already pressured the rupee, near a record low last week and Asia's worst performer. 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. "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. Good growth in Q4 reflected in GDP numbers".

Related news

[an error occurred while processing the directive]