Giving a boost to Narendra Modi regime in the election year, the India’ economic growth touches to the height of 8.2 per cent in the first quarter of this fiscal year. This is the highest growth rate recorded during the last 15 months. This was possible due to impressive performance manufacturing and farm sectors, according to the government data released today. The previous high quarterly GDP growth was recorded in July-September period in 2014-15 at 8.4%.
The Central Statistics Office (CSO) today released the estimates of GDP for the first quarter (April- June) Q1 of 2018-19. As per the CSO, GDP growth rate estimates for April-June 2018 stand at 8.2%. These estimates represent a significant jump from last year’s Q1 growth rate estimates of 5.6%, indicating superior acceleration in India’s growth trajectory.
This also validates that the economic fundamentals remain robust. The CSO estimates state that GDP at constant prices was Rs. 33.74 crores for Q1, 2018-19, a rise from of Rs. 31.18 lakh crores and Rs. 29.42 lakh crores for the same period in 2017-18 and 2016-17, respectively.
Welcoming this development, Dr. Bibek Debroy, Chairman of the Economic Advisory Council to Prime Minister (EAC-PM) attributed this positive trend to continued impetus on structural reforms and effective implementation of ongoing policy initiatives. He further stated that the focus on boosting capital spend in infrastructure sector and multiple initiatives to provide universal access to basic goods and services has not only contributed to this growth but has improved its quality as well.
He added that despite an uncertain international environment and volatile crude oil prices, India’s sustained growth reflects its strong resilience to adverse global conditions, because of strong economic fundamentals. The encouraging growth rates in agriculture, manufacturing and construction show that the growth momentum continues to be broad based. In addition, one also expects favourable monsoons to further boost agricultural output and rural consumption in the coming quarters.