P Chidambaram Sceptical Over GDP Growth Prospects In Coming Year

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

Gross domestic product in the country grew 8.2% year-over-year last quarter, according to government data out Friday, up from 7.7% in the first three months of 2018.

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.

In a dig at the preceding UPA government, he said the economy was in shambles when Modi took over but an unfazed NDA, the entire Cabinet, "single-mindedly" focussed on putting India back on track.

India's economy grew at a stunning 8.2 percent in the first quarter of the 2018-19 financial year, official data showed Friday, as it charts a course to overtake Britain as the world's fifth-largest economy.

As per the data, the quarterly GVA at basic prices for Q1 2018-19 from "manufacturing" sector grew by 13.5 per cent as compared to contraction of 1.8 per cent in Q1 2017-18.

The United States is the world´s top economy, followed by China, Japan and Germany.

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Manufacturing remained the best of the lot with its quarterly GVA at basic prices for the quarter growing by 13.5 percent as compared to growth of (-) 1.8 per cent in corresponding quarter previous fiscal. Economists said a positive feature of the growth dynamics has been the buoyancy in employment-supporting sectors such as construction and manufacturing.

The rapidly growing GDP is a reflection on the transformative changes being ushered in by the Modi government, Shah said, adding that Indian economy is witnessing unprecedented growth in every sector, from manufacturing to agriculture. "An encouraging development is the slow but steady rise in private consumption spending growth". The government also revised the core sector growth figure for June to 7.6% and for May to 4.3%. "Q1 growth rate is based on the lowest base (5.6) in the last 8 quarters", he said.

Subhash Garg, the economic affairs secretary, told reporters the government will stick to the fiscal deficit target of 3.3 percent of GDP this fiscal year.

"We expect growth to be 7.5 per cent for the full year". GDP growth in Q1 2018 had fallen to 5.6%, the lowest since Q4 2014 on account of disruption from demonetisation. As The Wire has pointed out, GVA has over the last few years become a more important measure of economic growth as it removes the impact of subsidies and indirect taxes.

GDP growth rate of 8.2 per cent in the June quarter is also the fastest in the past eight quarters. Manufacturing growth in Q1 2018 had gone into negative territory. The favourable base effect this time around has prompted economists to caution that 8%-plus growth doesn't seem likely for the net three quarters.

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