7.7-pct GDP growth rate shows India's economy on uptrend: business leader

04 June, 2018, 11:15 | Author: Mable Gonzales
  • India clocks 7.7 per cent GDP growth for Q4FY18

Goldman Sachs Group Inc. cut its growth projection for the year ending March 2019 to 7.6 percent from 8 percent, amid concerns that the banking system's woes are more widespread.

The gross domestic product (GDP) in the March quarter remained higher than market expectations - the highest in seven quarters - even as the overall growth of 6.7 per cent during the year was the lowest in last four fiscal years, Devendra Pant, Chief Economist at India Ratings, said.

The minister further said that an vast growth in the field of manufacturing, agricultural and the construction has also been recorded, while highlighting that the manufacturing and construction areas also provide employment. That's a big jump from the revised 7% growth rate recorded the previous quarter. Meanwhile, for the 2017-18 full fiscal year ended in March, the economic growth came in at 6.7 per cent.

The "agriculture, forestry and fishing" sector showed a growth rate of 3.4 per cent as against the previous year's growth rate of 6.3 per cent, while the growth in the "manufacturing" sector was estimated at 5.7 per cent as against the previous year's growth rate of 7.9 per cent. GVA (ex-agriculture and government services) eased to 7.2% from 7.4%, reflecting softness in some of the private services (trade and financial services).

Manufacturing sector GVA grew at 9.1 per cent in fourth quarter, up from 6.1 per cent year ago.

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".

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Mining sector experiences a growth of 2.7 percent as against 1.4 percent in third quarter. "The pick-up in investment activity (fixed capital formation) is also a good sign".

The gross national income at current prices is estimated at Rs 165.87 lakh crore during 2017-18, as compared to Rs 150.77 lakh crore during 2016-17, showing a rise of 10 percent.

In terms of GDP, the rates of GFCF at current and constant (2011-12) prices during 2017-18 are estimated at 28.5 per cent and 31.4 per cent, respectively, as against the corresponding rates of 28.5 per cent and 31.1 per cent, respectively, in 2016-17.

Ranen Banerjee, Partner and Leader - Public Finance and Economics, at PwC India, said the high growth rate reported in quarter is on expected lines for us as the high frequency data on PMI and IIP as well as rural demand were all indicating a revival.

"Q4 was expected to be good and that is reflected in the numbers".

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