India's growth story and beyond

Mar 04, 2018, 04:00
India's growth story and beyond

With these numbers, India has regained the status of world's fastest-growing major economy and has beaten China after one year.

The Third quarter (Q3) estimate of Gross Domestic Product released by the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation estimates the GDP to grow at 7.2 percent Q3 (2017-18).

The figure raised hope that the disruptions from dramatic policy moves by Prime Minister Narendra Modi a year ago may have faded.

The data reveals that eight core sectors registered strong growth at 6.7% in January compared to 3.4% in the same period past year.

Gross fixed capital formation grew at a multi-quarter high of 12 per cent over a year ago, government spending rose 6.05 per cent as against 2.9 per cent in the previous quarter, while private consumption rose 5.6 per cent, lower than the second quarter's 6.5 per cent.

India's economy grew by more than 7 percent between October and December for the first time in 4 quarters.

"The combined Index of ECI stands at 133.1 in January, 2018, which was 6.7 per cent higher as compared to the index of January, 2017", the Ministry of Commerce & Industry said.

The growth rate is higher than what the Street had expected. Apart from these, mining, construction, financial services and agriculture also saw an upward movement in growth.

The downward revision underscored the modest result for GDP growth over all of 2017.

India's improvement on its 6.3 percent GDP growth in July-September comes as its manufacturing and services sector have been overcoming irritants caused in the bumpy launch of GST. It is also in line with the government's earlier estimates. The economy grew 6.3 percent annually in July- September.

The Indian economy reported a growth rate of 7.2% during the third quarter of the current financial year ending March 2018.

"The number to look at would be the GVA number, and GVA growth is largely in line with overall expectations and in line with what the monetary policy committee has been pencilling in". It said that such robust growth in manufacturing and significant acceleration in construction mark a turnaround in the country's economic growth momentum.

"We expect the Reserve Bank of India to continue to be on hold".

"Creating jobs for the younger generation will lead to annual growth rate above 8 percent".

YOU MIGHT ALSO LIKE
  • Lamar Jackson only wants to play QB in NFL

    Lamar Jackson only wants to play QB in NFL

    With a big smile on his face, Jackson said that, "Whoever likes me at quarterback, that's where I'm going". Jackson ran the Erhardt-Perkins offense under coach Bobby Petrino at Louisville.
    NASA, ULA Launch Advanced NOAA Weather Satellite

    NASA, ULA Launch Advanced NOAA Weather Satellite

    NOAA will perform mission operations at its Satellite Operations Facility in Suitland, Maryland. The same first-class service is now coming to the Pacific region.
    Berkshire Hathaway says tax law gives it $29B boost in 4Q

    Berkshire Hathaway says tax law gives it $29B boost in 4Q

    In his letter to investors, Mr Buffett said the tax cut accounted for almost half of the firm's gain in net worth during 2017. The magic touch of Buffett and Munger can also be seen in the current equity portfolio of Berkshire Hathaway .
  • Canadian Outdoor Retailer Drops Products From US Company That Makes Guns

    Canadian Outdoor Retailer Drops Products From US Company That Makes Guns

    Although it's hard to find all potential conflicts involving suppliers, staff are reviewing Running Room vendors, he said. The decision came a few hours after REI's Canadian counterpart, Mountain Equipment Co-op , took a similar step.
    Brock Lesnar Quits WWE For UFC?

    Brock Lesnar Quits WWE For UFC?

    Meanwhile, manager Paul Heyman recently told TMZ Sports that the time away from the Octagon could do Lesnar some good. WWE has erased any doubt about whether Brock Lesnar will appear at Saturday's live event in Chicago, Illinois.
    Dolly Parton donates 100 millionth book through her non-profit

    Dolly Parton donates 100 millionth book through her non-profit

    After the book reveal, Parton read the book to school children in the audience and sang her hit song with them. Parton said she hopes her charity eventually reaches the billion book mark.
  • Mike Zimmer doesn't sound sold on Case Keenum

    Mike Zimmer doesn't sound sold on Case Keenum

    The Vikings had a great team around him, sure, but it would be ridiculous to pretend that they just carried Keenum the whole way. "We have to go back a lot with Teddy on what he's done in the past, him as a person, his work ethic, all those things".
    One killed as Kabul auto  bomb targets foreign forces convoy

    One killed as Kabul auto bomb targets foreign forces convoy

    AAN analysts also said talk of a ceasefire was the most striking feature of the peace proposals. In January, the Taliban said it was behind two separate attacks that killed 130 people.
    Supercolony Of Penguins Discovered On Antarctic Island

    Supercolony Of Penguins Discovered On Antarctic Island

    Finally getting into the Danger Islands and counting the penguins shows how robust populations are where the ice is intact'. They tallied up the numbers by hand and used a modified quadcopter drone to capture images of the entire island from above.
  • Naftogaz reports on continuous gas transit to Moldova and EU

    Naftogaz reports on continuous gas transit to Moldova and EU

    The arbitrators ground their decision by the fact that the situation with the Ukrainian economy has drastically worsened. The decision to terminate the contracts was made after the Stockholm Court of Arbitration violated Gazprom's interests.
    Dick's to end sales of assault-style rifles after Parkland

    Dick's to end sales of assault-style rifles after Parkland

    Dick's, a US retailer of camping supplies, sporting goods and guns, will stop selling assault rifles and high-capacity magazines. Legal experts said they saw no likely challenges to Dick's decision to stop selling assault-style rifles.
    Cleveland's JR Smith earned his one-game suspension from throwing soup

    Cleveland's JR Smith earned his one-game suspension from throwing soup

    While that certainly explains why JR was suspended for one game , it also leaves us with plenty of questions. Some of the guys who have been here, they get bored with the process, but we have to do it.
popular