India's GDP growth to improve further: Ficci

India's GDP growth to improve further: Ficci

NEW DELHI, May 31 (Reuters) - The Indian economy grew 7.7 percent year-on-year in January-March, its quickest pace in almost two years driven by higher growth in manufacturing, the farm sector and construction.

The gross domestic product (GDP) in the March quarter remained higher than market expectations - the highest in seven quarters - even as the overall growth of 6.7 per cent during the year was the lowest in last four fiscal years, Devendra Pant, Chief Economist at India Ratings, said.

The GDP growth data released yesterday presents an optimistic picture of the economy, reflected in y-o-y growth for Q4, especially for construction and manufacturing sectors, Ficci President Rashesh Shah said.

The "agriculture, forestry and fishing" sector showed a growth rate of 3.4 per cent as against the previous year's growth rate of 6.3 per cent, while the growth in the "manufacturing" sector was estimated at 5.7 per cent as against the previous year's growth rate of 7.9 per cent.

The figure surpassed China's growth rate of 6.8 percent in the January-March quarter, confirming India as the fastest growing major economy.

"GDP growth has been increasing continuously every quarter". The key indicators of banking, namely, aggregate bank deposits and bank credits showed a growth of 6.7 per cent and 10.3 per cent, respectively, as on March 31 this year. Moody's has, for instance, predicted a growth rate of 7.3 per cent in 2018-19, less than that of the Centre, on account of fuel inflation.

The quarterly gross value added stood at 7.6 percent for the January-March 2018 period.

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The financing, real estate and insurance sector's growth lower at 5 percent against 6.9 percent in December 2017.

Growth in Asia's third-largest economy, reported by the ministry, trumped forecasts in a Reuters poll of annual growth at 7.3 percent.

In terms of GDP, the rates of GFCF at current and constant (2011-12) prices during 2017-18 are estimated at 28.5 per cent and 31.4 per cent, respectively, as against the corresponding rates of 28.5 per cent and 31.1 per cent, respectively, in 2016-17.

The per capita income at current prices during 2017-18 is estimated to have attained a level of Rs 1,12,835 as compared to the estimates for the year 2016-17 of Rs 1,03,870 showing a rise of 8.6 percent.

With growth climbing consistently over the last three quarters of 2017-18, it is pretty clear that the economy has gathered steam, having set aside the impact of demonetisation and introduction of GST.

"While Indian economy is in cyclical recovery led by both investment and consumption, however, higher oil prices and tighter financial conditions will weigh on the pace of acceleration", Assocham secretary general D S Rawat said.

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