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India's Q4 GDP grows at robust 7.7%, highest since demonetisation

However, the GDP growth during the third quarter (Q3) of the fiscal was revised to 7 per cent from 7.2 per cent, as was declared in February.

Edited by: India TV Business Desk, New Delhi [ Published on: May 31, 2018 19:50 IST ]
Representational Pic
Image Source : PTI

Representational Pic

In an indication of revival of economy, India's GDP for the fourth quarter of 2017-18 grew at an impressive 7.7 per cent, the highest since demonetisation was introduced in November 2016.

The Q4 GDP growth topped China's Q4 growth rate of 6.8 per cent.

According to the official data, the GDP growth rate for the full financial year 2017-18 touched 6.7 per cent.

However, the GDP growth during the third quarter (Q3) of the fiscal was revised to 7 per cent from 7.2 per cent, as was declared in February.

"GDP at 2011-12 prices in the fourth quarter (Q4) of financial year 2017-18 registered growth rate of 7.7 per cent as against 5.6 per cent , 6.3 per cent and 7 per cent respectively, in the first three quarters, Q1, Q2 and Q3 of 2017-18, a statement by Ministry of Statistics and Programme Implementation said.

Rapid growth in agriculture (4.5 per cent), manufacturing (9.1 per cent) and construction sectors (11.5 per cent) contributed to the overall growth of the GDP, the statement added. 

At the sectoral level, the growth rate of gross value added (GVA) in Q4 of 2017-18 for agriculture and allied sectors, industry and services sectors was estimated at 4.5 per cent, 8.8 per cent, and 7.7 per cent, respectively.

GVA includes taxes but excludes subsidies.

The statement said the sectors which registered growth rate of over 7 per cent are 'public administration, defence and other services' (10 per cent), ' trade, hotels, transport, communication and services related to broadcasting' (8 per cent) and 'electricity, gas, water supply & other utility services' (7.2 per cent). 

The growth in the 'agriculture, forestry and fishing', 'mining & quarrying', 'manufacturing', 'construction', and 'financial, real estate and professional services' is estimated to be 3.4 per cent, 2.9 per cent, 5.7 per cent , 5.7 per cent and 6.6 per cent, respectively, the statement said.

It said: "The Gross National Income (GNI) at 2011-12 prices is now estimated at Rs 128.64 lakh crore during 2017-18, as against the previous year's estimate of Rs 120.52 lakh crore. In terms of growth rates, the Gross National Income is estimated to have risen by 6.7 per cent during 2017-18, in comparison to the growth rate of 7.1 per cent in 2016-17."

The per capita income in real terms (at 2011-12 prices) during 2017-18 is estimated to have attained a level of Rs 86,668 as compared to Rs 82,229 for the year 2016-17. The growth rate in per capita income is estimated at 5.4 per cent during 2017-18, as against 5.7 per cent in the previous year.

(With IANS inputs)

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