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.

- Ad - - article resumes -

“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.

Help Opindia Reach Every Indian. Share This Post
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Big Story

Strange rumours are coming out of Kashmir. Shah Faesal, supposedly, is Doval's stooge.

2019 World Cup Is Here!

Catch the latest on Cricket World Cup as it unfolds, special coverage by Opindia

To Advertise on Opindia.com Click here

Here is why Prannoy Roy and Radhika Roy were stopped at the airport and were not allowed to leave the country

Radhika and Prannoy Roy of NDTV have said that they were not allowed to leave the country because of a concocted ICICI loan case. Read about that case in details

P Chidambaram finally arrested by CBI after officers scale wall of his residence as the gates were locked

Chidambaram arrested from his residence after he addressed a press conference at Congress office

Is Shah Faesal Ajit Doval’s asset? Unlikely, Swati Chaturvedi may be unwittingly helping the central government

Strange rumours are coming out of Kashmir. Shah Faesal, supposedly, is Doval's stooge.

Read full details of new FIR filed by CBI: Prannoy Roy, Radhika Roy and Vikram Chandra accused of criminal conspiracy, cheating and corruption

A new FIR has been filed by the CBI against Prannoy Roy, his wife, Radhika Roy, and former CEO of NDTV, Vikram Chandra in a case related to money laundering.

The Zomato controversy: Their business plan, the dispute and a dark tale of greed, exploitation and fear

The controversy stems from deep discounting, favouritism, monopolistic trade practices amongst others, creating a rift between the delivery platforms like Zomato and Restaurateurs
Hartosh Singh Bal resorts to factually incorrect details to target Amit Shah

Fact-Check: Unlike Chidambaram who tried to escape from law, Amit Shah resolutely faced trial and was acquitted

Hartosh Singh Bal equated P Chidambaram's disgraceful escape with Amit Shah's tenacity to face the law

NDTV’s Interim CEO Suparna Singh resigns with immediate effect

NDTV interim CEO Suparna Singh, whose appointment as CEO was not approved by I&B ministry, has stepped down

Political Editor of The Hindu condones violence by Congress workers who beat up a man who shouted ‘Chidambaram Chor Hai’

Congress worker beats up a man for shouting 'Chidambaram Chor Hai', The Hindu Political Editor Nistula Hebbar shows excitement at the unruly behaviour.

Poetic Justice: P Chidambaram falsely hounded Amit Shah and Narendra Modi, now he is on the run for his own transgressions

When P. Chidambaram was the Union Home Minister, Amit Shah was unceremoniously arrested and slapped with charges of murder, extortion, and kidnapping among others over the Sohrabuddin encounter case.

All that Pakistan is left with is a war of misinformation: Here are the myths and propaganda about Kashmir

Pakistan has gone to the two of the most dangerous forces for support- A fanatic faith and cruel communism, latter being more fanatic than the former.
Subscribe to Day's Top Stories
[newsletter_form type="minimal"]
- Advertisment -

Latest articles

Connect with us

181,158FansLike
172,170FollowersFollow
90,407SubscribersSubscribe
Help Opindia Reach Every Indian. Share This Post