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.”

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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.

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