Tuesday, 16 October, 2018

8.2% growth represents potential of New India: Jaitley

India GDP,India economy,Indian economy India’s $2.6 trillion economy surpassed France’s in 2017 to be the world’s sixth largest
Elsie Buchanan | 03 September, 2018, 09:47

Finance Minister Arun Jaitley said in a tweet that the growth represents the potential of new India.

"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".

India's GDP expansion is back on track after a rocky start to economic reforms implemented by Prime Minister Narendra Modi.

Another important metric to watch for private investment - gross fixed capital formation (GFCF) - accounted for 31.6% of GDP during the quarter, higher than 31% in the same period past year.

Stressing on the growth of capital formation, the DEA secretary noted, "There has been a robust capital formation as we grew by 10 per cent in this quarter, building on the last quarter growth of 14.4 per cent". He was responding to a query about senior Congress leader P Chidambaram expressing scepticism over India's GDP growth prospects, saying it would "not be so favourable" in third and fourth quarters, despite the GDP growing at 8.2 per cent in the current fiscal's first quarter.

Industry chamber Assocham said the best part about an impressive GDP growth "is that it is being led by employment-intensive manufacturing".

"Indian Economy would continue to be a fastest growing economy in the world".

"The numbers are pretty solid and mostly driven by public investment and higher consumption, especially, in the rural-end with this being a pre-election year", said Shashank Mendiratta, India Economist, ANZ Bank told Reuters.

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The high growth for this quarter in India is partly a result of the low base effect. "FY'19 growth forecast is 7.4%", he said in a note on Friday morning.

At 8 percent, GVA growth at two-year high in Apr-Jun quarter.

Friday's 8.2 percent figure was above the median estimate of a survey of economists by Bloomberg, which had predicted of 7.6 percent.

GDP at constant (2011-12) prices in quarter one of 2018-19 is estimated at Rs.33.74 lakh crore as against Rs.31.18 lakh crore in the same period previous year, the data revealed.

The sectoral analysis shows that, the manufacturing is the main driver of the growth in Apr-Jun quarter. Construction is the second most sector that recorded a rise of 8.7 percent in Q1-FY19 as against 1.8 percent in Q1-FY18. The growth in mining and quarrying activities too was slower.

The Quarterly GVA at basic prices for Q12018-19 from "agriculture, forestry and fishing" sector grew by 5.3 per cent as compared to growth of 3 per cent in Q12017-18.

GVA, which is GDP minus taxes, serves as a more realistic proxy to measure changes in the aggregate value of goods and services produced in the economy.

The growth in the manufacturing sector is also broadly in line with shop-end sales, with auto sales reporting record growth numbers, aided by greater disposable income or expectations of higher income in the coming months.

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