India’s GDP accelerates to over two year high of 8.2 pc in Q1
Economy

India’s GDP accelerates to over two year high of 8.2 pc in Q1

New Delhi, Sept 01: The Gross Domestic Product (GDP) growth rose to 8.2 per cent in the first quarter of the current financial year driven by the sectors such as agriculture, manufacturing and construction sector, the Government said on Friday.

This growth figure, released by the Central Statistics Office (CSO) under the aegis of Statistics and Programme Implementation Ministry, said that this was the highest growth in two years and strongest since the first quarter of 2016. According to the data, manufacturing, electricity, gas, water supply & other utility services construction and public administration and defence registered a growth of more than 7 per cent.

This quantum leap coming about eight months before the general elections is seen as a major booster for the government which has consistently come under attack for alleged economic mismanagement. The growth in the agriculture, forestry and fishing, mining and quarrying, trade, hotels, transport, communication and services and financial, real estate and professional services is estimated to be 5.3 per cent, 0.1 per cent, 6.7 per cent and 6.5 per cent respectively during this period.

According to it, the manufacturing sector witnessed growth of 13.5 per cent while agricultural sector grew by 5.3 per cent and construction area by 8.7 per cent. The Wholesale Price Index (WPI), in respect of the groups -- food articles, minerals, manufactured products, electricity and all commodities has risen by 1.5 per cent, 15.8 per cent, 3.8 per cent, 5.6 per cent and 4.7 per cent respectively during first quarter of 2018-19.

The Reserve Bank of India, on Wednesday in its annual report, had said that the acceleration of growth that commenced in October-March of 2017-18 is expected to be consolidated and built up on in the current financial year. The Bank expected the economy to accelerate to 7.4 per cent in FY19 from 6.7 per cent a year ago. UNI