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.

- Advertisement - - 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.


Share This Post and Support:
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.


Most read articles recently

AAP propagandist tweets false claim about Adani Group, deletes due to fear of defamation

Earlier Delhi's Education Minister Manish Sisodia had also tweeted false claim about Adani Group

Rahul Gandhi’s lucrative and seemingly clandestine means of income and his links to scam accused FTIL, Unitech

How does Rahul Gandhi earn to buy land and other properties? A mystery we try to unravel

BJP’s aggressive candidate list for 2019 election like a blizzard on Congress led by Rahul Gandhi

The boldness of BJP is apparent in that it has 21 present Union and ministers of state in the list, alongside the candidature of its party president, Amit Shah from Gandhinagar in Gujarat.

Watch: Embarrassment for Hardik Patel, crowd chants ‘Modi, Modi’ as he addresses a Holi event

Red-faced, Hardik Patel had to stop speaking and left the place soon after

‘Krantikari’ journalist Punya Prasun Bajpai sacked, again, this time from Surya Samachar

Punya Prasun Bajpai and his team of 25 had joined Surya Samachar last month

How Caravan and Congress’ attempts to create ‘bribegate’ before 2019 election fell flat

The 'bribegate' that Congress and The Caravan tried to cried falls flat on its face on several counts. 

The Wire journalist wishes Holi with ‘Bismillah’, devout Muslims say it’s against Islam

Celebrating Hindu religious festivals is not the only that triggers abuses and threats from Muslim radicals
Prakash Raj was welcomed with pro-Modi slogans in Bengaluru

Actor-turned-politician Prakash Raj greeted with pro-Modi slogans as he went to file his nomination

Prakash Raj seemed visibly miffed with a large number of Modi supporters welcoming him with pro-Modi slogans in Bengaluru

Jammu and Kashmir Police officer Imtiyaz Hussain claims his life being under threat after he exposed Pro-Pak Islamists and ‘journalists’

Jammu and Kashmir policeman reveals how certain 'journalists' work hand in glove with the enemies across the border in Pakistan

Netizens share hilarious ‘diary entries’ to mock Congress’ latest shoddy allegations against BJP

Congress shared photocopy of a handwritten note where they claimed Yeddyurappa signed diary entry incriminating himself

Latest articles

Connect with us

148,295FansLike
120,049FollowersFollow
30,961SubscribersSubscribe

Don't miss these


Share This Post and Support: