Sunday, 18 November, 2018

India`s economy grows at robust 8.2 percent in June quarter

Moody’s Investor Service recently said the government was likely to miss its fiscal deficit target in 2018-19 due to higher than budgeted oil prices and rising interest rate scenario India`s economy grows at robust 8.2 percent in June quarter
Rhonda Young | 31 August, 2018, 17:10

This is the highest economic growth for a quarter recorded in over two years. "Therefore, the major support to growth needs to come from a sustainable recovery in private consumption and investment", CARE Ratings said in a note ahead of release of GDP growth data release.

At constant (2011-2012) prices, the GFCF stood at Rs 10.65 lakh crore in Q1 of 2018-19 as against Rs 9.68 lakh crore in Q1 of 2017-18.

Latest national income numbers put out by the Central Statistics Office (CSO) on Friday show that gross value added (GVA) in constant 2011-12 prices grew 8 percent in April-June 2018, significantly higher than the last year's 5.6 percent growth during the same quarter.

The world's second-largest economy, China, reported a 6.7% growth for the June quarter compared with 6.8% in March quarter. Rupee depreciation combined with a widening current account deficit is likely to increase the borrowing costs of corporate, say analysts.

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McSally had to sacrifice some of her general election strategy to do it (she deleted a video of herself praising DACA on YouTube). But many held deep pools of voters, and he clobbered Graham by 2-to-1 margins in Broward, Duval, Miami-Dade and Escambia.

India's economic growth surged to a more than two-year high of 8.2 percent in the three months through June from a year earlier, powered by a strong performance of manufacturing and consumer spending.

Finance Minister Arun Jaitley, on Thursday, said that India is all set to take over the United Kingdom as the world's fifth largest economy.

As per the data, the quarterly GVA at basic prices for Q1 2018-19 from manufacturing' sector grew by 13.5 per cent as compared to a contraction of 1.8 per cent in Q1 2017-18.

The growth in India's real or inflation-adjusted gross domestic product (GDP) in April-June, however, is also partly because of low growth of 5.6 percent in the same quarter previous year, with a favourable "base effect" perhaps magnifying the expansion pace in the broader economy due.

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Last year, India's GDP growth was at 5.6 per cent in the same quarter.

The economic activities which registered growth of over 7 percent in first quarter of 2018-19 over the same period of 2017-18 were manufacturing, electricity, gas, water supply and other utility services, construction and public administration, defence and other services.

Construction activity, has also rebounded strongly, growing 8.7 percent in April-June, from 1.8 percent in the same quarter a year ago, showing heightened activity in infrastructure, particularly road construction with strong multiplier effects across key sectors such as cement and steel. The report said that agricultural growth may also support the GDP growth.

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