India Once Again The Highest Growing Major Economy 7.2% expansion
The Indian economy is in a high growth mode and 7.2% expansion in the December quarter marks its return as the fastest growing major economy in the world, Economic Affairs Secretary Subhash Chandra Garg said on Wednesday.
He said strong fixed capital growth also indicates that investment is picking up very well and agriculture and services have performed quite well.
“Very encouraging and solid 3rd quarter growth numbers from CSO. 7.2% growth marks return of India as the highest growing major economy in the world,” Garg said in a tweet.
China’s, GDP reportedly grew by 6.8% in the October-December quarter.
Garg said: “Manufacturing growth at 8.1% and construction growth at 6.8% confirms robust turnaround in industrial economy.”
Separately, the finance ministry said robust growth in manufacturing and significant acceleration in construction in the third quarter of 2017-18 mark a turnaround in the country’s economic growth momentum.
The Indian economy grew at five-quarter high of 7.2% in the October-December period reflecting overall recovery due to good show by agriculture, manufacturing, construction and certain services, as per the second advanced estimates of the Central Statistics Office (CSO).
The ministry further said that the growth acceleration has been sectorally broad-based with manufacturing growth estimated at 8.1% for third quarter of 2017-18, up from 6.9% in the second quarter; construction growth at 6.8%, up from 2.8%; and services growth of 7.7%, from 7.1%.
Significantly, heralding an improvement in the investment climate, real gross fixed capital formation is estimated to grow at a robust 7.6% for 2017-18, accelerating from 6.9% in second quarter to 12% in third quarter 2017-18, it added.
The economy is expected to grow at 6.6% in the current fiscal ending March 31, as per the second advanced estimates of the Central Statistics Office (CSO), compared to 7.1% in 2016-17.
The earlier estimate was 6.5%.
News Source and pic: Republic World
Tags: Economy, India, Highest