GDP Registers 8.2% Growth Rate in Q1 of 2018-19 as Against 5.6% in Same Quarter Last Year
The economy had clocked a 7.7 per cent growth in Q4 of last fiscal (Jan-March). By the period-ending June, the gross domestic product is on the upswing, primarily due an increase in manufacturing activity.
New Delhi, Aug 31: In what signals the complete revival of Indian economy from the adverse impact of demonetisation and GST-roll out, the GDP for Q1 of 2018-19 has grown at 8.2 per cent, which is the highest in the last 15 quarters.
Notably, the economy in the same quarter last year struggled to accelerate at merely 5.6 per cent. The GDP was then reeling under the impact of cash crunch, due to the note ban, followed by what critics call "an ill-prepared implementation of the Goods and Services Tax".
Notably, the economy had clocked a 7.7 per cent growth in Q4 of last fiscal (Jan-March). By the period-ending June this year, the gross domestic product is on the upswing, primarily due an increase in manufacturing activity.
According to the Reserve Bank of India report released on Wednesday, the Indian economy is predicted to grow at 7.4 per cent in FY 2018-19, as compared to 6.7 per cent annual growth registered in the last fiscal. The optimist projection by the RBI comes in the wake of threat posed by global trade wars, surge in crude oil prices and weakening rupee against the dollar.
In the recent World Bank Survey, the Indian economy, whose size is pegged at $2.597 trillion, was ranked as sixth largest in the world -- surpassing France. The data further claimed that India could surge ahead of the UK in the near-future.
(The above story first appeared on LatestLY on Aug 31, 2018 06:10 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).