India’s gross domestic product (GDP) in the first quarter of current financial year of 2018-19 recorded a 15 quarter high growth at 8.2 per cent, much higher than the 5.6 per cent growth recorded during same period in the last fiscal year, according to the data released by the India’s Ministry of Statistics and Programme Implementation on Friday (31).
Earlier, in the first three months of 2018, India reported 7.7 per cent annual growth, the fastest in nearly 24 months.
India’s GDP at constant (2011-12) prices in April to June quarter is estimated at £0.37 trillion, as against £0.34 trillion recorded in the first quarter of the financial year 2017-18, the Indian government said in the data released.
The estimates on the growth strengthened India's position as the fastest growing major economy, pushing higher expansion rate than China's 6.7 per cent in the same April-June quarter of 2018.
The economic activities which registered growth of over 7 per cent in the first quarter of 2018-19 over first quarter of 2017-18 are manufacturing, electricity, gas, water supply, and other utility services, construction and public administration, defence, and other services.
The growth in the agriculture, forestry and fishing, mining and quarrying, trade, hotels, transport, communication and services related to broadcasting and financial, real estate, and professional services is estimated to be at 5.3 per cent, 0.1 per cent, 6.7 per cent, and 6.5 per cent respectively during the period between April to June 2018.
Quarterly gross value added (GVA) at basic prices for first quarter 2018-19 from agriculture, forestry and fishing sector grew by 5.3 per cent as compared to growth of 3.0 per cent in the first quarter of 2017-18.
According to the information furnished by the Department of Agriculture and Cooperation (DAC), which has been used in compiling the estimate of GVA from agriculture in first quarter of 2018-19, the production of rice, wheat, coarse cereals and pulses registered growth rates of 15.0 per cent, 1.2 per cent, 15.6 per cent and 17.3 per cent respectively during the Rabi season of agriculture year 2017-18 (which ended in June 2018).
Among the commercial crops, the production of oil seeds registered a growth of 5.6 per cent during the Rabi season of 2017-18. The crops including fruits and vegetables account for about 55.1 per cent of GDP in agriculture, forestry and fishing sector. Around 44.9 per cent of GVA of this sector is based on the livestock products, forestry and fisheries, which registered a combined growth of about 8.1 percent in first quarter of 2018-19.
Quarterly GVA at basic prices for first 2018-19 from mining and quarrying sector grew by 0.1 per cent as compared to growth of 1.7 per cent in the first quarter of 2017-18. Quarterly GVA at basic prices for first quarter 2018-19 from ‘manufacturing’ sector grew by 13.5 percent as compared to growth of (-) 1.8 percent in the first quarter of 2017-18. IIP manufacturing registered a growth rate of 5.2 percent during the first quarter of 2018-19 as compared to 1.6 per cent during first quarter of 2017-18.
