Sunday, 18 November, 2018

India’s economic growth surges to 8.2pc

Indian economy grows at 8.2 per cent in the April June quarter of current fiscal Q1FY19 GDP beats estimates, grows at 8.2 percent
Rhonda Young | 01 September, 2018, 19:41

Continued rupee depreciation and the significant costs of RBI intervention in forex market could result in at least one more rate hike, possibly frontloaded, which in turn will lead to sub-7.5 per cent growth for FY19 despite more than 8 per cent growth in Q1, according to State Bank of India's research report "EcoWrap".

India's Gross Domestic Product grew 8.2% during the April-June quarter as compared to the same quarter a year ago, the Centre said on Thursday.

Economic growth in India was 8.2% in the second quarter.

"The Q1 GDP data was slightly better than our expectations helped by stronger growth in agriculture and manufacturing".

Annual growth in GDP during the first quarter of the ongoing fiscal year accelerated sharply to 8.2% from 5.6% in the same period of the previous fiscal year.

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Auto manufacturers in the USA and Mexico are also required to use more local steel, aluminum and auto parts as well. Under U.S. law, Trump must wait 90 days before signing the pact. -Mexican trade agreement slip away.

Assocham President Sandeep Jajodia said the first quarter GDP numbers augurs well for the entire fiscal Final Year 2018. India's trade deficit and inflation on oil and commodities prices have also hit its value: it has lost 10 per cent since January.

The GDP growth indicates that households are buying more.

Reforms and fiscal prudence are serving the economy well and this growth in an environment of global turmoil represents the potential of India, Finance Minister Arun Jaitley said in posts on Twitter.

"Given that we don't see a runway concern on inflation even after accounting for the rupee depreciation, we don't expect the Reserve Bank of India to raise rates now".

"Agriculture, forestry and fishing", "mining and quarrying", "trade, hotels, transport, communication and services related to broadcasting", and "financial, real estate and professional services" registered growth of 5.3 per cent, 0.1 per cent, 6.7 per cent, and 6.5 per cent respectively during this period.

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The deal also proposes requiring a significant portion of automobile parts - 75 percent - be made in the US and Mexico. The Canadian dollar CAD= weakened to C$1.3081 to the US dollar after news of the talks' lack of a result first broke .

India just cemented its status as the world's fastest-growing major economy, widening the gap over China. Services GDP grew 7.3 per cent in Q1FY19 compared with 7.7 per cent in Q4FY18 and 9.5 per cent in Q1FY18.

"Going forward, the base effect will not be so favourable".

"Happy that the rate of growth has quickened, but look at the table once again. And when we reach Q3 and Q4, the rate of growth may decline and the annual growth rate may be more or less like last year's", he added.

She added, "But (GDP growth rate) still this suggests that the turnaround is there and that there is an intrinsic resilience in the economy because despite zero macro-economic stimulus and external stresses, we are doing well". Sustaining GDP growth at over 8% over the next few years would require significant traction in private investments and relentless implementation of reforms to raise productivity, Joshi said.

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