Economy grows 7.7% in Q4

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"The GDP growth data released yesterday (Thursday) presents an optimistic picture of the economy, reflected in year-on-year growth for fourth quarter, especially for the construction and manufacturing sectors", said Shah.

The statement said the provisional estimates of national income, for the financial year 2017-18 is estimated at 6.7 percent.

The previous high GDP growth of 8.1 per cent was recorded in April-June quarter of 2016-17. Economic Affairs Secretary Subhash Chandra Garg said on Monday it was expected that annual growth was between 7.3 and 7.5 percent in the March quarter.

CII director general Chandrajit Banerjee said, "The significant expansion in GDP print has been powered by a broad-based upturn in farm output, improved manufacturing performance and a vibrant services sector".

The OECD expects the world economy to grow by over 4 per cent over the next year on the back of low interest rates and other support from the governments.

Real GVA (at basic constant 2011-12 prices for 2017-18) is now estimated at Rs 119.76 lakh crore, showing a growth rate of 6.5 per cent over first revised estimates of GVA for 2016-17 of Rs 112.48 lakh crore. He emphasized that this is the development under leadership of Prime Minister Narendra Modi and Union Minister Arun Jaitley. The growth makes the highest GDP since demonitisation.

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Mining and quarrying did not perform well in January-March as GVA of the segment grew at 2.7 per cent, down from 18.8 per cent in the year-ago period.

"Seems like we have moved beyond the teething troubles related to GST implementation", said Tushar Arora, a senior economist at HDFC Bank.

Also, export-oriented industries particularly MSMEs in sectors like iron and steel, machinery and metal products, chemicals and agricultural goods are likely to take a hit.

Domestic prices of petrol and diesel are near all-time highs, putting pressure on the government to bring down taxes on the fuels. However, we expect tighter financing conditions, rising oil prices and slower investments in the run-up to elections to slow GDP growth later in the year. GVA growth for Q4 FY18 also picked up to 7.6%YoY, helped by manufacturing and construction sectors growth.

He, however, agreed that the recent increase in global oil prices will have certain implications, adding that the downward revision by Moody's was also due to the rising oil prices.

India is rebounding from an economic slowdown, with growth seen at more than 7 percent, only to find itself ensnared by the volatility engulfing emerging markets.

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