Sunday, January 24, 2021
Home News Reports GDP hits 8.2% quarterly growth, BJP leaders hail government's economic reforms

GDP hits 8.2% quarterly growth, BJP leaders hail government’s economic reforms

As per reports, India’s quarterly growth rate for the first three months of the current fiscal year has hit 8.2%, the highest in 15 quarters. India has cemented its place as the fastest growing economy with China clocking a 6.7% growth rate in the same quarter. According to reports, GDP at constant (2011-12) prices in Q1 of 2018-19 is estimated at 33.74 lakh crore, as against 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2%.

Private consumption picked up in the quarter and investment demand showed a spurt as well indicating an increase in the consumption demand and that factories may be increasing their capacity. Livemint reported, “Manufacturing grew in double digits at 13.5% in the June quarter from a contraction of 1.8% in the same quarter a year ago, while construction made strong recovery to grow at 8.7% against 1.8% during same period last year, which is good for the job market, according to data released by the Central Statistics Office (CSO) on Friday. Agriculture also grew at a robust 5.3% in the June quarter against 3% during the same quarter a year ago.”

Additionally, The petrochemicals sector saw a credit offtake growth of 19.14 per cent in the first quarter against a 2.9 per cent growth last year. Textiles saw a credit offtake growth of 5.38 per cent against a 4.22 per cent contraction last year. Also, engineering posted a 4.29 per cent growth in credit against a 4.05 per cent contraction previously.

“With the manufacturing sector growing well, it all comes to the banks now. Banks must ensure that flow of credit must start taking place in a big way. The demand for credit will start picking up now,” Amitabh Kant, CEO, Niti Aayog, told Business Standard. “With capacity utilisation at a peak, a majority in the private sector wants to make a fresh investment to meet the growing demand in the auto and engineering sectors. This is a good sign,” he added.

Shashank Mendiratta, an India economist at ANZ Bank, said: “The numbers are pretty solid and mostly driven by public investment and higher consumption, especially, in the rural-end with this being a pre-election year. “This is probably the best GDP trend we have seen in the first half helped by a favourable base. Going ahead, I expect the growth rate to be moderate as private investment is unlikely to grow at a faster rate due to stressed assets.”

DEA secretary Subhash C Garg opined, “We had over 8% of quarterly growth last time in the first quarter of 2016-17. Now after 8 quarters, we are at 8.2%. From 8.1% we have come to 8.2% which signals economic growth now on a steady high growth path.”

“India’s GDP for the first quarter this year growing at 8.2% in otherwise an environment of global turmoil represents the potential of New India. Reforms and fiscal prudence are serving us well. India is witnessing an expansion of the neo-middle class,” Finance Minister Arun Jaitley tweeted.

BJP President Amit Shah tweeted, “India’s rapidly growing GDP is a reflection on the transformative changes being ushered in by Prime Minister Shri Narendra Modi’s government. Indian economy is witnessing unprecedented growth in every sector, from manufacturing to agriculture.”

Ahead of Lok Sabha elections next year, the GDP growth rate which has exceeded expectations will come as a huge boost to the Narendra Modi government. The numbers are a strong refutation of the claims made by the opposition parties that the economy is in tatters. The numbers also bust the narrative that demonetization and the implementation of GST by the BJP government have doomed the Indian economy. Also, rural growth has overtaken urban India in automobile sales which is another indication that the rural economy is flourishing. With the formalization of the economy strongly afoot, the economy will continue to prosper moving forward.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

 

Related Articles

Trending now

Tauseef, who was caught on camera shooting Nikita Tomar, claims she was killed by her own family in ‘honour killing’

Advocate Mehak Sahni on behalf of Tauseef has claimed that the investigation against him is politically motivated and he is being 'wrongly dragged' in the 'love jihad' angle.

Republic TV hits back at Times Now over TRP manipulation scam, alleges political-media conspiracy to target Arnab Goswami

Republic TV pointed out that the ratings of Times Now fell following the implementation of the Outlier policy of BARC.

Ahead of Republic Day, ‘Pakistan Zindabad’ slogans raised at Delhi’s Khan Market metro station. Here is why

Delhi Police said the slogans were raised in lighter vein and further investigation is underway.

Left-liberals, assorted trolls express their sympathy for scam convict Lalu Prasad Yadav, demand immediate release of ‘champion’ of secularism

Lalu Yadav is absolved of all his crimes only because he 'arrested L K Advani' during the Rath Yatra in 1990.

Uttar Pradesh: Per capita income crosses Rs 70,000, says CM Yogi Adityanath, hails ‘Atmanirbhar Bharat’

UP CM Yogi Adityanath was inaugurating the 'Hunar Haat' exhibition in Lucknow on Saturday. The Hunar Haat will be on till February 4.

Anti-farm law protestors storm into the hotel of actress Janhvi Kapoor, disrupt the shooting of ‘Good Luck Jerry’ yet again

The anti-farm law protestors not only trespassed into the shooting venue of Good Luck Jerry but also forcibly made their way into the hotel premises, where the cast and crew were lodged.

Recently Popular

#BanSportsTak: Netizens angry after India Today owned sports channel claims Virat Kohli suffers from ‘disorder’

"It is a disorder for a captain to (be as aggressive as Virat Kohli). It might be acceptable for a player to have this aggression (but nor for a captain)," the journalist claimed.

‘I allow you housewives to have extra-marital affair with man of your choice’: Video of Mamata Banerjee’s ‘progressive’ speech goes viral

Mamata Banerjee says she is so "flexible" that she has given permission to housewives to have extra-marital affairs

How Brazil thanked India for sending Coronavirus vaccine doses: Pawan Putra Hanuman

President of Brazil, Jair Bolsonaro, has expressed his gratitude towards India and Prime Minister Modi for vaccine exports from our country.

Gujarat Forest Dept to take legal action against Christian Evangelist Paul Dhinakaran over unauthorised use of the department’s logo

Website of Paul Dhinakaran claims of collaborating with the Gujarat Forest Department, a claim junked by the latter

India sees Yogi Adityanath as PM Modi’s successor, Rahul Gandhi stands nowhere: Survey

As per the India Today Mood of the Nation survey, Rahul Gandhi virtually is no challenge to PM Narendra Modi

Watch: Taking offence at Jai Shree Ram slogans, Mamata Banerjee walks off stage even as PM Modi and Bengal Governor look on

Mamata Banerjee who was sharing the stage with PM Modi, lamented "being disrespected" because she heard Jai Shree Ram slogans
- Advertisement -

 

Tauseef, who was caught on camera shooting Nikita Tomar, claims she was killed by her own family in ‘honour killing’

Advocate Mehak Sahni on behalf of Tauseef has claimed that the investigation against him is politically motivated and he is being 'wrongly dragged' in the 'love jihad' angle.

Prime Minister salutes #DeshKiBeti on National Girl Child Day, Ministers share heartwarming photographs with their daughters

Prime Minister Narendra Modi, on the occasion of National Girl Child Day, has saluted the 'Desh ki Beti' and their accomplishments.

Republic TV hits back at Times Now over TRP manipulation scam, alleges political-media conspiracy to target Arnab Goswami

Republic TV pointed out that the ratings of Times Now fell following the implementation of the Outlier policy of BARC.

Tamil Nadu: Income Tax officials unearth unaccounted wealth of Rs 120 crore, 4.5kg gold during raids on Christian Evangelist Paul Dhinakaran

Tax sleuths are also looking at companies & trusts of Paul Dhinakaran in 12 countries, including Israel, Singapore, UK, & USA.

Ahead of Republic Day, ‘Pakistan Zindabad’ slogans raised at Delhi’s Khan Market metro station. Here is why

Delhi Police said the slogans were raised in lighter vein and further investigation is underway.

Left-liberals, assorted trolls express their sympathy for scam convict Lalu Prasad Yadav, demand immediate release of ‘champion’ of secularism

Lalu Yadav is absolved of all his crimes only because he 'arrested L K Advani' during the Rath Yatra in 1990.

Uttar Pradesh: Per capita income crosses Rs 70,000, says CM Yogi Adityanath, hails ‘Atmanirbhar Bharat’

UP CM Yogi Adityanath was inaugurating the 'Hunar Haat' exhibition in Lucknow on Saturday. The Hunar Haat will be on till February 4.

Anti-farm law protestors storm into the hotel of actress Janhvi Kapoor, disrupt the shooting of ‘Good Luck Jerry’ yet again

The anti-farm law protestors not only trespassed into the shooting venue of Good Luck Jerry but also forcibly made their way into the hotel premises, where the cast and crew were lodged.

Did The Wire employee Arfa Khanum Sherwani join paid tweet trend for releasing fodder scam convict Lalu Prasad Yadav

Ahead of his bail plea hearing, support pours in from 'liberal' quarters for the fodder scam convict Lalu Prasad Yadav.

Jharkhand: Police investigation claims Puja Bharti, whose body was found with hands and legs tied, died of suicide

DIG Homkar claims that Puja Bharti had tied herself up, using different ropes, prior to committing suicide.

Connect with us

245,563FansLike
496,912FollowersFollow
22,900SubscribersSubscribe