India has retained its position as the fastest growing economy after latest GDP figures surfaced on Thursday. The country in the 4th quarter has registered a growth rate of 7.7% surpassing previous growth figures. Between January to March period, India registered a 7.7% growth leaving behind China which registered 6.8% growth in the same period. Market analysts have termed the numbers between January to March as one of the biggest expansions in around past 7 quarters. Going by industry experts, a good performance by manufacturing, construction sectors, and farm output, have led to 7.7% growth.
Speaking on latest GDP figures, Finance Minister Piyush Goyal said, “GDP growth has been increasing continuously every quarter with growth of 7.7% in Q4 of 2017-18. Shows that economy is on right track and set for even higher growth in the future. This is Sahi Vikas under the leadership of PM Narendra Modi and Arun Jaitley.”
India’s Chief Economic Advisor Arvind Subramanian said, “GDP numbers are on an expected note, it is what we said in the Economic Survey.” According to government data, the GDP at 2011-12 prices in the fourth quarter (Q4) of the financial year 2017-18 registered growth rate of 7.7% as against 5.6%, 6.3% and 7% respectively, in the first three quarters of 2017-18.
The combined Index of Eight Core Industries stands at 124.2 in April 2018, which was 4.7% higher as compared to the index of April 2017. Its cumulative growth during April to March 2017-18 was 4.3%. Previously during April-June 2016-2017 period, India had registered a growth rate of 8.1%, therefore, it’s after a long time that the country has achieved decent growth figures.