India’s GDP grows at 8.2% in First Quarter of 2018-2019

Business Slider

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”.

India's GDP 8.2% in Q1

Source : Own Image

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.

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