India’s growth numbers are out. The country's gross domestic product (GDP) in the first quarter of FY19 grew at 8.2 percent, according to the GDP data released by Central Statistics Office (CSO).
This is the highest growth in the last two years and the strongest since the fourth quarter of 2015-16 when the GDP had recorded 9.2 percent growth. The official GDP figures have beaten the expected growth rate predicted by many economists which were foreseeing a growth around 7.5-7.6 percent.
The growth can mostly be attributed to the robust performance of the core sectors and low base.
Following are some of the key numbers:
The growth in the gross value added (GVA) at constant 2011-12 prices during the first quarter of 2018-19 stood at 8 percent, up from 5.6 percent growth in the same quarter last fiscal.
GVA is considered a better measure of the aggregate value of goods and services produced in the economy. GVA is GDP minus taxes.
Manufacturing GVA grew by 13.5 percent against a negative 1.8 percent in the same period of last fiscal. The manufacturing sector was expected to do well looking at the industrial production (IIP) data. Manufacturing industry registered a growth rate of 5.2 percent during Q1 of 2018-19 as compared to 1.6 percent in the same quarter previous year.
Agriculture sectors too showed signs of recovery by clocking a 5 percent growth rate as compared to 3 percent same quarter last year. The agriculture GVA numbers are based on the production of crops in the rabi season (2017-18). According to the data furnished by the department of agriculture and cooperation (DAC), the production of rice, wheat, coarse cereals and pulses registered growth rates of 15.0 percent, 1.2 percent, 15.6 percent and 17.3 percent respectively, said the CSO release.
India’s rate of investment i.e. the gross fixed capital formation in 2011-12 prices during Q1 FY19 stood at 31.6 percent, down from 32.2 percent in the previous quarter but slightly up from 31 percent in the same quarter last fiscal.
First Published: IST