The country’s GDP (Gross Domestic Product) grew at an impressive 8.2% during the first quarter of the financial year 2018-19. Strong core performance was the main key behind the Indian economy’s strong show.
It is also declared that Gross Value Added (GVA) has seen a spark of impression & growth rate of the same quarter came at 8 percent. A statement by the Ministry of Statistics and Programme Implementation said, “GDP at constant (2011-12) prices in Q1 of 2018-19 is estimated at Rs 33.74 lakh crore, as compared to Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 percent. Quarterly GVA at basic price at constant (2011-2012) prices for Q1 of 2018-19 is estimated Rs 31.63 lakh crore, as against Rs 29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8.0 percent over the corresponding quarter of previous year”.
Economic performance is back to very normal. We had over 8% of quarterly growth last time in first quarter of 2016-17. Now after 8 quarters,we are at 8.2%.From 8.1% we have come to 8.2% which signals economic growth now on steady high growth path: Subhash C Garg, DEA Secretary pic.twitter.com/cZOdvnoX3j
— ANI (@ANI) August 31, 2018
It is to be noted that the Indian Government changed the base year for GDP calculation from 2004-05 to 2011-12 by changing the Goods & Services in the basket, to make it more updated in 2015. Though experts had predicted that GDP growth to remain in the range of 7.5-7.6 percent during the June quarter.
This jump in the mathematical figure will definitely boost the government’s position ahead of the national elections next year because a debate has been going on over its economic record against that of its predecessor.
Key highlights :
- This GDP figure makes India as the fastest growing economy in the world.
- Earlier this month The Republic of China reported a growth of 6.7% for June quarter.
- India’s GDP growth of 8.2% for June quarter of 2018-2019 is the fastest in the past eight quarters.
- Manufacturing, electricity, gas, water supply & other utility services, public administration have registered growth of over 7 percent.
India’s $ 2.6 trillion economy surpassed France’s in 2017 to be the worlds sixth largest & it is not far behind United Kingdom.