Published: Mon, September 03, 2018
Markets | By Noel Gibbs

GDP growth accelerates to over 2-year high of 8.2% in Q1

GDP growth accelerates to over 2-year high of 8.2% in Q1

The rally can be attributed to the manufacturing sector which grew by 13.5 per cent. India's GDP growth rate zooms to 8.2% in the first quarter of 2018-2019 fiscal year.

"The year-on-year growth rate will be affected by the rise in the base in the next reading, but will still be a very strong number and India will remain the world's fastest growing major economy", Sanyal told.

As India's GDP growth for the first quarter of 2018-19 accelerated to 8.2 per cent, former Finance Minister P.

The growth is expected to be higher compared with the 13-quarter low of 5.6 percent for a year earlier, when many companies cut production before the launch of a nation-wide sales tax.

Comparing the same quarter a year ago figures, the manufacturing sector grew at 13.5 5 % from -1.8% per cent; Agriculture sector registered fair growth figures at 5.3% from 3%, Construction also recovered by recording its growth figures at 8.7% from 1.8%.

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"It has been a remarkable speed of economic recovery in the last 4 quarters- 6.3%, 7%, 7.7% and now 8.2%", tweeted Finance Secretary Hasmukh Adhia.

"India's GDP for the first quarter this year growing at 8.2% in otherwise an environment of global turmoil represents the potential of New India". The rupee's slump on Friday to a record below 71 per dollar could deter foreign investors, fan imported inflation and prompt intervention from the central bank - all of which carry implications for growth.

"The outlook for the remainder of the year is not as optimistic", Priyanka Kishore, head of India at Oxford Economics, wrote in a recent note.

The CSO in May said agriculture GDP grew at 3.4% in 2017-18, lower than 6.3% in the previous year.

"While the worst appears to be behind us, there could be some headwinds to growth going forward", said Indranil Pan, chief economist at Mumbai-based IDFC Bank Ltd. The growth was powered by a strong performance of manufacturing and consumer spending.

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"We see the momentum to continue in the current quarter, but year-on-year growth to slow in H2 (October-March) as base effects fade".

Chairman of the Economic Advisory Council to Prime Minister (EAC-PM) Dr. Bibek Debroy also welcomed the GDP growth rate of 8.2 per cent.

The International Monetary Fund has forecast GDP growth for the current fiscal year at 7.3 percent, rising to 7.5 percent the following year.

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.

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