India on track: Piyush Goyal

New Delhi: India’s GDP grew at the fastest pace in seven quarters at 7.7 per cent in January-March, retaining the fastest growing major economy tag on robust performance by manufacturing and service sectors as well as good farm output.

India's economic expansion at 7.7 per cent was significantly higher than China's 6.8 per cent in the January-March period.

However, the Indian economy on yearly basis grew at a four-year low of 6.7 per cent in 2017-18, down from 7.1 per cent in the previous fiscal. The previous low was recorded in 2013-14 at 6.4    per cent.

“GDP at 2011-12 prices in the fourth quarter of 2017-18 registered growth rate of 7.7 per cent as against 5.6 per cent , 6.3 per cent and 7 per cent, respectively, in the first three quarters, Q1, Q2 and Q3 of 2017-18. Rapid growth in agriculture (4.5 per cent), manufacturing (9.1 per cent) and construction (11.5 per cent) contributed to the overall growth,” the Central Statistics Office  said in its national accounts data.

The previous high GDP growth of 8.1 per cent was recorded in April-June quarter of 2016-17. The GDP growth was 6.1 per cent in January-March in 2016-17.

“GDP growth has been increasing continuously every quarter with growth of 7.7 per cent in Q4 of 2017-18. Shows that the economy is on the right track and set for even higher growth in the future,” tweeted finance minister Piyush Goyal.

Finance secretary Hasmukh Adhia said that the constant increasing trend of quarterly GDP numbers in “the four-quarters of 2017-18 at 5.6 per cent, 6.3 per cent, 7 per cent and 7.7 per cent indicates that the structural measures of reforms undertaken by government is now bringing rich dividends in the form of higher GDP growth rate”.

Meanwhile, the government managed to restrict the fiscal deficit for FY18 at 3.53 per cent of the GDP, broadly in line with revised target.

Meanwhile, eight infrastructure industries recorded 4.7 per cent growth in April helped by healthy performance in segments like coal, natural gas and cement.     — PTI