India’s GDP grows at 8.2%, cements its position as fastest growing economy

In an update to its World Economic Outlook IMF had trimmed India’s growth projection for 2018-19 by 10 basis points to 7.3

Gross domestic product expanded by 8.2% in the three months to June, compared with a 5.5% rise in the same quarter previous year, reinforcing India as one of the fastest growing economies.

"Quarterly GVA at basic price at constant (2011-2012) prices for Q1 of 2018-19 is estimated Rs 31.63 lakh crore, as against Rs 29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8.0 percent over the corresponding quarter of previous year", said a statement by the Ministry of Statistics and Programme Implementation.

India became the globe's sixth-biggest economy in 2017, pushing France into seventh place, according to figures released by the World Bank last month. Amid such troubles, the GDP figures come as a relief to the government.

The robust GDP numbers are likely to boost the morale of the Modi government, which faces general elections next year.

He said, "If you calculate the core GVA, which is basically the private sector, that has actually surged to 8.1 percent as against 7.2 percent".

This compares to the world's expected average growth of 3.9 percent. "Possibly the buoyancy in agriculture is because of the allied activities".

Workers assemble tricycles inside a manufacturing unit in Ahmedabad, India, August 30, 2018.

Finance minister Arun Jaitley posted on Twitter, "India's GDP for the first quarter this year growing at 8.2% in otherwise an environment of global turmoil represents the potential of New India".

Another measure of growth, this one in gross-value added (GVA) terms, showed the Indian economy growing at 8% compared to 5.6% a year ago.

P Chidambaram, however, expressed happiness at the quickened rate of growth recorded in the first quarter of current fiscal.

India is a massive importer of oil, however, and analysts say high crude prices and a tumbling Indian rupee threaten to derail growth.

Ashima Goyal, member of Prime Minister's Economic Advisory Council PMEAC said, "8 percent gross value added (GVA), 8.2 percent gross domestic product (GDP) is really good, but we must remember that it is on a low base last quarter". While this isn't the official so-called back series, it was immediately pounced upon by the Congress, which lead the United Progressive Alliance government at the time this growth was achieved.

But even more important is the fact that growth has bounced back in the manufacturing and construction sectors, which are considered critical for employment generation.

In terms of absolute value, India's GDP at constant (2011-12) prices was estimated at Rs 33.74 lakh crore in the first quarter of 2018-19. The GDP grew at a rate of 7.7 per cent in the last (January-March) quarter.

Private and government expenditures together contributed almost 67% of the GDP during the April-June quarter. This shows that inflationary pressures might be stronger than what is captured by the benchmark index, Sen added.

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