India's GDP grows at 7.2% in Q3 of 2017-18 as manufacturing, public spending pick up
Business & Economy

India's GDP grows at 7.2% in Q3 of 2017-18 as manufacturing, public spending pick up

NetIndian News Network

New Delhi, February 28, 2018

India's gross domestic product (GDP) grew at a rate of 7.2 percent in the third quarter (Q3) ended December 2017, thanks to an upswing in manufacturing and public spending, providing some respite to the economy that had to contend with the twin policy shocks of demonetisation in November 2016 and the implementation of the Goods and Service Tax (GST) from July 1, 2017.
The latest data released today means that India has regained its position as the fastest growing major economy in the world after a gap of one year, pushing China behind.
The Second Advance Estimates of National Income, 2017-18 and Quarterly estimates of Gross Domestic Product for the Third quarter (Oct-Dec), 2017-18 released here today by the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, showed that GDP at constant (2011-12) prices in Q3 of 2017-18 is estimated at Rs. 32.50 lakh crore, as against Rs. 30.32 lakh crore in Q3 of 2016-17.
GDP growth rates for Q1 and Q2 of 2017-18 at constant prices were 5.7% and 6.5%, respectively. 
An official statement, citing the data, said the real GDP or GDP at constant (2011-12) prices in 2017-18 was likely to attain a level of  Rs. 130.04 lakh crore, as against the First Revised Estimate of GDP for the year 2016-17 of Rs. 121.96 lakh crore, released on 31st January 2018. 
The growth in GDP during 2017-18 is estimated at 6.6% as compared to the growth rate of 7.1% in 2016-17.
The statement said real Gross Value Added (GVA), that is GVA at basic constant prices (2011-12) is anticipated to increase from Rs. 112.48 lakh crore in 2016-17 to Rs. 119.64 lakh crore in 2017-18. Anticipated growth of real GVA at basic prices in 2017-18 is 6.4% as against 7.1% in 2016-17.
According to it, the sectors which are likely to register growth rate of over 7.0% are ‘public administration, defence and other services’,‘trade, hotels, transport, communication and services related to broadcasting’, ‘electricity, gas, water supply and other utility services’ and 'financial, real estate and professional services’. The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘manufacturing’, and ‘construction’ is estimated to be 3.0%, 3.0%, 5.1% and 4.3%, respectively.
The statement said the per capita income in real terms (at 2011-12 prices) during 2017-18 is likely to attain a level of Rs. 86,689 as compared to Rs. 82,229 for the year 2016-17. The growth rate in per capita income is estimated at 5.4% during 2017-18, as against 5.7% in the previous year.
The wholesale price index (WPI), in respect of the groups food articles, minerals, manufactured products and all commodities, has risen by 2.3%, 7.3%, 2.66% and 2.9%, respectively during April-December, 2017-18. The consumer price index has shown a rise of 3.3% during April-December, 2017-18.
The statement said GVA at basic prices at constant (2011-12) prices in Q3 of 2017-18 is estimated at Rs. 30.11 lakh crore, as against Rs. 28.21 lakh crore in Q3 of 2016-17, showing a growth rate of 6.7%.
Growth rates in various sectors are as follows: ‘agriculture, forestry and fishing’(4.1%), ‘mining and quarrying’ (-0.1%), ‘manufacturing’ (8.1%), ‘electricity, gas, water supply and other utility services’ (6.1%) ‘construction’ (6.8%), ‘Trade, hotels, transport, communication and services related to broadcasting' (9.0%), 'financial, real estate and professional services' (6.7%), and ‘Public administration, defence and Other Services' (7.2%).
The estimated growth in the index of mining, manufacturing and electricity are 0.8%, 7.1% and 3.8%, respectively, in Q3 of 2017-18.
 NNN
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