India clocks 7.7 per cent GDP growth for Q4FY18

“On the domestic front growth should benefit from an acceleration in rural consumption supported by higher minimum support prices and a normal monsoon” Moody’s said

The official statement said, "Real GDP or GDP at constant (2011-12) prices for the year 2017-18 is now estimated at Rs 130.11 lakh crore showing a growth rate of 6.7 percent over First Revised Estimates of GDP for the year 2016-17 of Rs 121.96 lakh crore, released on 31st January, 2018".

The gross domestic product (GDP) in the March quarter remained higher than market expectations - the highest in seven quarters - even as the overall growth of 6.7 per cent during the year was the lowest in last four fiscal years, Devendra Pant, Chief Economist at India Ratings, said.

Meanwhile, Finance Secretary Hasmukh Adhia said the constant increasing trend of quarterly GDP numbers in FY18 (at 5.6 per cent, 6.3 per cent, 7 per cent and 7.7 per cent) indicated that the structural reforms undertaken by the government were "now bringing rich dividends". There has been improvement in growth rate in manufacturing and construction.

India's economic expansion at 7.7 per cent was significantly higher than China's 6.8 per cent in the January-March period.

The 9.1% growth rate of net indirect taxes (taxes less of subsidies) took GDP ahead of the gross value added (GVA) at basic prices, which stood at 6.5% during the fiscal year, against 7.1% a year ago. With a year to go for the general elections, a pick-up in growth could not have been better timed, from the Centre's point of view. He emphasized that this is the development under leadership of Prime Minister Narendra Modi and Union Minister Arun Jaitley. Faster growth in manufacturing, farm sector and construction helped this growth rate. India's growth performance in the third quarter and fourth quarter implies that these shocks have worn off considerably, stated ANZ.

"(It) seems like we have moved beyond the teething troubles related to GST implementation", said Tushar Arora, a senior economist at HDFC Bank.

Sessions Is A Key Witness In Mueller Probe
After Trump finished quoting Gowdy, he affirmed he wishes he had picked somebody else for the attorney general job. Trey Gowdy's assertions that the agency acted properly with its investigation.

Energy minister Dharmendra Pradhan told Saudi oil minister Khalid Al-Falih of his "concern about rising prices and its negative impact on consumers and the Indian economy", the Indian government said.

India's recovery could be threatened by higher global crude oil prices, which this month hit $80 a barrel, their highest since 2014. "The banking sector remains in a fragile state, and such problems have the potential to derail the ongoing growth recovery".

As per the report, India's current account deficit will increase.

The growth in GVA was widespread led by public administration, which saw growth of 13.3 percent year-on-year.

GDP growth in 2018-19 could get a boost from prospects of good monsoon, potentially brightening the outlook for agricultural output.

Related news:

Hot News

isis-killer-beheading-video-story-top Apple's WWDC 2018 Promises Plenty of Software Talk-And Maybe Some iPads
Jun 04, 2018 - 10:17
In addition, there will be an Apple News app (currently available in iOS 11 ) and a refreshed App Store with video previews. Though new MacBooks and iPads won't be on the docket, Bloomberg reports that a new Apple Watch design is in the works.

isis-killer-beheading-video-story-top Oil retreats on stronger dollar, USA crude discount wider
Jun 04, 2018 - 10:03
Iran's light crude oil price rose 43 cents in the week ended on May 25, to continue its upward trend for third consecutive weeks. It has doubled in less than a month, as a lack of pipeline capacity in the United States has trapped a lot of output inland.

isis-killer-beheading-video-story-top NBA Finals 2018: Stephen Curry breaks 3-point record
Jun 04, 2018 - 09:31
For that one, and this number will likely change based on Game 2, the Warriors are showing up as 4 1/2-point favorites. That confrontation would end with Thompson shoving the ball into Green's face and players began to separate the two.

isis-killer-beheading-video-story-top Syria's Assad threatens to attack area under US-backed Kurds
Jun 02, 2018 - 09:20
Bashar al Assad has reacted to being called "Animal Assad" by US President Donald Trump with a phrase usually heard in school playgrounds.

isis-killer-beheading-video-story-top Tristan Thompson fined $25K for Game 1 skirmish
Jun 02, 2018 - 09:17
Kevin Love has every reason to be perturbed, considering the ruling nearly matches word for word his description of the play. When the two forwards approached each other, Thompson had some words before ramming the ball into Green's face.

isis-killer-beheading-video-story-top Russian journalist who faked death: I wanted to avoid Skripal’s fate
Jun 02, 2018 - 08:37
His wife called an ambulance and he was taken to a hospital intensive care unit, where a forensic expert "documented" his death. Babchenko said he was anxious the entire time the operation would fall through, but was relieved after it was completed.

isis-killer-beheading-video-story-top Zinedine Zidane, master of dramatic departures, Football News & Top Stories
Jun 02, 2018 - 07:57
It ended well for me when I was a player and it's ended well for me as a manager". Zidane was hired in January 2016, his first major coaching job.

isis-killer-beheading-video-story-top Where Avenatti's winning streak comes to an end
Jun 02, 2018 - 05:20
According to the Washington Post , Cohen is now under investigation for bank fraud, wire fraud, and campaign finance violations. Also reviewing the materials are lawyers for Cohen, Trump and the president's family business empire, the Trump Organization.

isis-killer-beheading-video-story-top Assassin’s Creed: Odyssey teaser hints at an adventure in Greece
Jun 02, 2018 - 04:09
Could players be taking on the role of the Spartans in Assassin's Creed Odyssey? The game will take place in Ancient Greece. The publisher confirmed that fans should expect to hear way more about the game at E3 2018 .

isis-killer-beheading-video-story-top Curry Reveals Details About 'Trash Talk' With LeBron James
Jun 01, 2018 - 21:35
It was only one game, but they could've won the first game in Oakland and taken command of the series. Durant struggled with his shot but wound up with 26 points on 8-for-22 shooting and nine rebounds.

isis-killer-beheading-video-story-top Markets take breather as Italian leaders attempt solution
Jun 01, 2018 - 20:51
Salvini back to government as the prime minister of a broad center-right coalition with former Prime Minister Silvio Berlusconi. The parliamentary election, held on March 4, failed to produce a clear victor but saw support for traditional parties collapse.

isis-killer-beheading-video-story-top Meghan Markle: the rules she must follow as a royal
Jun 01, 2018 - 19:21
Almost two weeks after they tied the knot , Meghan Markle and Prince Harry are reportedly returning $9 million in wedding gifts . Following much pre-wedding speculation, the creator of Meghan's wedding dress was revealed as Clare Waight Keller of Givenchy.

isis-killer-beheading-video-story-top President Trump Announces Pardon for Author, Filmmaker Dinesh D'Souza
May 31, 2018 - 23:07
Libby was convicted in 2007 of lying in an investigation into the unmasking of a Central Intelligence Agency agent. Bush and Barack Obama - each waited more than two years after being elected to issue their first pardon.

isis-killer-beheading-video-story-top Iran says int'l consensus over nuclear deal isolates US
May 31, 2018 - 22:59
India imported Dollars 10.5 billion worth of goods, mainly crude oil , and exported commodities worth USD 2.4 billion. It said New Delhi wants the nuclear deal's signatories to engage constructively with Tehran.

isis-killer-beheading-video-story-top Here’s how Sarah Sanders defended Trump slamming ABC after Roseanne Barr’s tweet
May 31, 2018 - 22:14
The CEO, who has renewed his contract with Disney through December 2021, has acknowledged he considered running for president. Yesterday, Iger tweeted about ABC entertainment president Channing Dungey's move to cancel " Roseanne ".