India’s GDP Growth Picks Up To 7.7% In March Quarter

India’s economy strengthened in the January-March quarter, setting the stage for a tighter monetary policy.

The GDP grew at 7.7 percent in the fourth quarter of 2017-18 as compared with 6.1 percent in the fourth quarter of 2016-17, and a revised 7 percent in the quarter ending December 2017, according to data released by the Central Statistics Office on 31 May.

GDP numbers are on an expected note, it is what we said in the Economic Survey

Arvind Subramanian, CEA

For the full financial year, GDP growth stood at 6.7 percent compared with 7.1 percent last year. Gross value added growth, which strips out the impact of indirect taxes and subsidies, stood at 7.6 percent in the January-March quarter, taking the full-year growth to 6.5 percent.

GDP growth has been increasing continuously every quarter with growth of 7.7 percent in Quarter 4 of 2017-18. This shows that economy is on the right track and is set for even higher growth in the future. This is Sahi Vikas under the leadership of PM Narendra Modi and Arun Jaitley.

Piyush Goyal, Railways Minister

Sectoral Trends

• Growth in the farm sector in March quarter stood at 4.5 percent compared with 3.1 percent during October-December 2017.
• The manufacturing sector grew at 9.1 percent versus 8.5 percent in the quarter ended December 2017.
• The construction sector grew at 11.5 percent compared with 6.6 percent in the quarter ended December 2017.
• The financing, real estate and insurance segment grew at 5 percent as against 6.9 percent in the quarter ended December 2017.
• Mining sector saw growth of 2.7 percent as against a growth of 1.4 percent in the quarter ended December 2017.
• The government spending-linked public administration segment grew at 13.3 percent versus 7.7 percent in the previous quarter.