India’s Gross Domestic Product (GDP) registered a healthy 8.2 per cent growth in the first quarter (Q1) of Financial Year 2018-19.
The Q1 growth, highest in last 15 quarters, cemented India's position as the fastest growing major economy, clocking higher expansion rate than China's 6.7 in the same quarter.
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The previous high quarterly GDP growth was recorded in July-September period in 2014-15 at 8.4 per cent.
The Q1 growth was mainly on account of good show by manufacturing and farm sectors, according to the official data.
According to the official data released by the Central Statistics Office (CSO), the GDP at 2011-12 prices in the first quarter (Q1) of 2018-19 registered growth rate of 8.2 per cent, up from 7.7 per cent reported for Q4 of 2017-18.
A statement issued by the Ministry of Statistics and Programme Implementation further said that the economic activities which registered growth of over 7 percent in Q1 of 2018-19 over Q1 of 2017-18 are 'manufacturing', 'electricity, gas, water supply and other utility services', 'construction' and 'public administration, defence and other services'.
"The growth in the 'agriculture, forestry and fishing', 'mining and quarrying', 'trade, hotels, transport, communication and services related to broadcasting' and financial, real estate and professional services is estimated to be 5.3 per cent, 0.1 per cent, 6.7 per cent, and 6.5 per cent respectively during this period," it added.
The gross domestic product (GDP) at constant (2011-12) prices in the first quarter of 2018-19 is estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 per cent, a Central Statistics Office statement said.
According to statement, the quarterly GVA (Gross Value Added) at basic price at constant (2011-2012) prices for Q1 of 2018-19 is estimated at Rs 31.63 lakh crore, as against Rs 29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8 per cent over the year-ago period.
As per the data, the quarterly GVA at basic prices for Q1 2018-19 from ‘manufacturing’ sector grew by 13.5 per cent as compared to contraction of 1.8 per cent in Q1 2017-18.
The Quarterly GVA at basic prices for Q1 2018-19 from ‘agriculture, forestry and fishing’ sector grew by 5.3 percent as compared to growth of 3 percent in Q1 2017-18.
(With agency inputs)