Latest NewsIndiaNEWS

GDP Growth : India regains title of world’s fastest-growing major economy

GDP Growth : India regains title of world’s fastest-growing major economy

India regained the status of the world’s fastest-growing major economy in the October-December quarter, driven by higher government spending and a pick-up in manufacturing and services. Gross domestic product or GDP grew 7.2 per cent in in the October-December quarter from a year earlier, according to government data released today.

The growth rate is higher than what the Street had expected. A Reuters poll of more than 35 economists estimated the economy to grow 6.9 per cent in the October-December quarter. China had recorded a growth of 6.8 per cent in the December quarter.

Also Read : Modi in Davos: Started with GDP growth and concluded with welcomes everyone to India for Wealth and wellness


GDP growth had declined to a three-year low of 5.7% in the April-June quarter of 2017-’18, but it had recovered to 6.3% in the following quarter of the financial year.

The government also revised its GDP forecast for the 2017-’18 financial year to 6.6% from its previous prediction of 6.5%.

On January 5, the Central Statistical Office had estimated that India’s GDP would grow at 6.5% in the 2017-’18 financial year, a drop from the 7.1% rate it grew at in 2016-’17. Weeks later on January 29, the Economic Survey tabled in Parliament forecast that the Indian economy is likely to grow at 6.75% in 2017-’18, and accelerate to 7% to 7.5% in 2018-’19.

The problem of non-performing assets plaguing banks had investors concerned. The most recent scam, involving the Punjab National Bank, added to their worries about its impact on economic activity.



Post Your Comments

Back to top button