Ripples Advisory, At 7.7%, Q4 GDP growth is fastest in 7 quarters
FY18 growth pegged at 6.7%; Centre reins in fisc at 3.5%, retains FY19 growth target at 7.5%
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Beating all expectations, the Indian economy registered a growth rate of 7.7 per cent for the January-March quarter, the fastest it has grown since April-June 2016-17.
Though the growth rate for the previous three quarters were revised downwards, the economy still managed to push its full-fiscal growth number for FY2017-18 to 6.7 per cent, a notch above the government’s own estimate of 6.6 per cent, but lower than the 7.1 per cent of 2016-17.
“(This) shows that the economy is on the right track & set for even higher growth in the future. This is the SahiVikas under leadership of PM Narendra Modi ji & ArunJaitley ji,” tweeted Finance Minister Piyush Goyal after the growth numbers were made public. Construction, manufacturing and agriculture were the main contributors to growth in the fourth quarter.
The government also said it would not lower the estimate for the current fiscal. “I don’t think we are revising our forecast for the current year 2018-19 which was indicated at 7.5 per cent,” Economic Affairs Secretary Subhash Chandra Garg told reporters here on Thursday. “We retain it at this moment at this level. There has been some downward revision by Moody’s and others, taking oil prices into consideration, but there is no one-to-one relation between oil price and GDP growth.”
His response came after global rating agency Moody’s on Wednesday cut India’s 2018 growth forecast to 7.3 per cent from the previous estimate of 7.5 per cent, citing higher oil prices and tighter financial conditions.
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