Indian economy grows at 15-quarter high of 8.2% in Q1

In an update to its World Economic Outlook IMF had trimmed India’s growth projection for 2018-19 by 10 basis points to 7.3

In an update to its World Economic Outlook IMF had trimmed India’s growth projection for 2018-19 by 10 basis points to 7.3

Data released by the Central Statistics Office (CSO) on Friday showed the economy grew 8.2% in April-June, the first quarter of the country's fiscal year which starts in April, higher than previous quarter's 7.7% and 5.6% in the first quarter of 2017-18.

The latest period's annual pace beat a Reuters poll forecast of 7.6 percent, and was the highest since India logged 9.3 percent growth in the January-March quarter of 2016.

Gross value added (GVA), which is value of production net of taxes, grew at 8% during this period. The government also revised the core sector growth figure for June to 7.6% and for May to 4.3%. Growth in these sectors has increased by 15.3 and 6.9 percentage points respectively over previous year's figures. "Possibly the buoyancy in agriculture is because of the allied activities". The next sector to show the most promise was construction, which grew by 8.7 per cent during the quarter under review as compared to growth of 1.8 per cent in Q1 2017-18.

Workers assemble tricycles inside a manufacturing unit in Ahmedabad, India, August 30, 2018. "India is witnessing an expansion of the neo middle class", finance minister Arun Jaitley said on Twitter.

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.

P Chidambaram, however, expressed happiness at the quickened rate of growth recorded in the first quarter of current fiscal. "Q1 growth rate is based on the lowest base (5.6) in the last 8 quarters", he said.

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The data brought cheers to policymakers, who said it highlighted the measures taken to boost growth and pointed to a solid recovery underway. While this isn't the official so-called back series, it was immediately pounced upon by the Congress, which lead the United Progressive Alliance government at the time this growth was achieved.

Private and government expenditures together contributed almost 67% of the GDP during the April-June quarter.

Pronab Sen, India's former chief statistician, described the GDP numbers as being on expected lines.

But even more important is the fact that growth has bounced back in the manufacturing and construction sectors, which are considered critical for employment generation.

"Growth will be stronger in the first half compared to the second as the favourable base effect will begin to wear off after the second quarter", noted Joshi.

She added, "But (GDP growth rate) still this suggests that the turnaround is there and that there is an intrinsic resilience in the economy because despite zero macro-economic stimulus and external stresses, we are doing well".

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