NEW DELHI: India retained its standing of the fastest rising main economic system as the rustic's Gross Domestic Product (GDP) expansion rate for the fourth quarter (January- March) of FY 2018 got here in at 7.7 per cent, topping China's 6.eight per cent.
For the total fiscal year 2017-18, the growth rate got here at 6.7 per cent.
The expansion rate for the ultimate quarter (October- December) has been revised to 7 per cent from 7.2 per cent, as used to be declared in February.
The agriculture, manufacturing and development sectors got here at four.5 per cent, 9.1 per cent and 11.5 per cent respectively within the fourth quarter.
Government data launched on Thursday evening showed that GDP grew on the best possible rate since 2d quarter (July- September) of the fiscal year 2016-17, the quarter prior to the federal government outlawed old foreign money notes valued at Rs 500 and Rs 1,000.
The expansion rate, in fact, managed to overcome Street expectancies. A Reuters ballot of economists predicted a 7.3 per cent expansion.
The economic system which got scuttled to an extent within the ultimate 18 months courtesy the dual blow of demonetisation and the introduction of Goods and Services Tax (GST) turns out to have got its steam back with the growth rate topping the 7 per cent mark within the ultimate two quarters.
However, rising unhealthy loans within the banking machine is a significant concern for the federal government. The 21 state-run banks which hang two-thirds of banking property accounted for the bulk of the document Rs 9.75 lakh crore of soured loans within the banking sector in 2017.
Analysts predict expansion is likely to get a boost from monsoon rains, which hit the southern state of Kerala a couple of days earlier than customary, doubtlessly brightening the outlook for agricultural output.
(With agency inputs)
For the total fiscal year 2017-18, the growth rate got here at 6.7 per cent.
The expansion rate for the ultimate quarter (October- December) has been revised to 7 per cent from 7.2 per cent, as used to be declared in February.
The agriculture, manufacturing and development sectors got here at four.5 per cent, 9.1 per cent and 11.5 per cent respectively within the fourth quarter.
Government data launched on Thursday evening showed that GDP grew on the best possible rate since 2d quarter (July- September) of the fiscal year 2016-17, the quarter prior to the federal government outlawed old foreign money notes valued at Rs 500 and Rs 1,000.
The expansion rate, in fact, managed to overcome Street expectancies. A Reuters ballot of economists predicted a 7.3 per cent expansion.
The economic system which got scuttled to an extent within the ultimate 18 months courtesy the dual blow of demonetisation and the introduction of Goods and Services Tax (GST) turns out to have got its steam back with the growth rate topping the 7 per cent mark within the ultimate two quarters.
However, rising unhealthy loans within the banking machine is a significant concern for the federal government. The 21 state-run banks which hang two-thirds of banking property accounted for the bulk of the document Rs 9.75 lakh crore of soured loans within the banking sector in 2017.
Analysts predict expansion is likely to get a boost from monsoon rains, which hit the southern state of Kerala a couple of days earlier than customary, doubtlessly brightening the outlook for agricultural output.
(With agency inputs)
Q4 GDP at 7.7%, growth rate highest since demonetisation
![Q4 GDP at 7.7%, growth rate highest since demonetisation]()
Reviewed by Kailash
on
May 31, 2018
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