India’s Gross Domestic Product grew 8.2% during the April-June quarter as compared to the same quarter a year ago, the Centre said on Friday. This is the highest economic growth for a quarter recorded in over two years – since 9.3% in January-March 2016.
The manufacturing and construction sectors were among those that grew at more than 7% during the quarter, the government said. The Gross Domestic Product at constant 2011-’12 prices was estimated at Rs 33.74 lakh crore in April-June, against Rs 31.18 lakh crore in April-June 2017.
Economic Affairs Secretary SC Garg said the economy is on a steady growth path and may expand at 7.5% in 2018-’19.
The growth in economic output in April-June was faster than the 7.7% growth the government had reported for the January-March quarter. The growth has recovered gradually since declining to a three-year low of 5.6% in April-June 2017 – months after the government demonetised high-value currency notes. The figure was 6.3% in July-September 2017 and 7% in October-December 2017.
Meanwhile, data released by the Ministry of Commerce and Industry showed that India’s core sector registered a growth rate of 6.6% in July. The government also revised the core sector growth figure for June to 7.6% and for May to 4.3%.
The index of the eight core sector industries includes coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity. These industries comprise over 40% of the weight of items included in measuring the index of industrial production.
The cumulative growth rate of the core sector during the April-June quarter was 5.8%, the data showed.