India’s Gross Domestic Product (GDP) for Q1 of 2018-19 has registered a healthy 8.2 percent growth, which is the highest in over two years.
The Q1 growth is based on a good show by manufacturing and farm sectors, according to the official data.
The Q1 growth, cemented India’s position as the fastest growing major economy, clocking higher expansion rate than China’s 6.7 in the same quarter.
A statement by the Ministry of Statistics and Programme Implementation said, “The economic activities which registered growth of over 7 percent in Q1 of 2018-19 over Q1 of 2017-18 are ‘electricity, gas, water supply and other utility services’, ‘manufacturing’, ‘construction’ and ‘public administration, defence and other services’
“The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘trade, hotels, transport, communication and services related to broadcasting’ and financial, real estate and professional services is estimated to be 5.3 per cent, 0.1 per cent, 6.7 per cent, and 6.5 per cent respectively during this period.” Other than, the growth rate of gross value added (GVA) in Q1 of 2018-19 stood at 8 percent from a rise 5.6 percent during the corresponding period of the previous fiscal.
According to the data, the quarterly GVA at basic prices for Q1 2018-19 from the ‘manufacturing’ sector grew by 13.5%, compared to a contraction of 1.8% in Q1 2017-18.
Moreover, the Quarterly GVA at basic prices for Q1 2018-19 from ‘agriculture, forestry and fishing’ sector grew by 5.3% as compared to growth of 3% in Q1 2017-18.