India back as world's fastest growing economy in December quarter
What's the story
The Indian economy grew at 7.2% in the October-December period, restoring its status as the world's fastest-growing major economy. The growth reflects overall recovery due to good show by agriculture, manufacturing, construction sectors. The economy is expected to grow at 6.6% in the current fiscal ending 31 March, as per the second advanced estimates of Central Statistics Office (CSO), compared to 7.1% in 2016-17.
Information
Economic growth for Q2 revised to 6.5%
The previous high of the Indian economic growth was recorded at 7.5% in the July-September quarter of 2016-17. Meanwhile, the economic growth for the second quarter (July-September) has been revised upwards to 6.5%, from 6.3% estimated earlier by the CSO.
Growth
GDP growth in 2017-18 estimated at 6.6%: CSO
The CSO said the real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in 2017-18 is likely to be Rs. 130.04 lakh crore, as against the first revised estimate for 2016-17 of Rs. 121.96 lakh crore, released on 31 January. The growth in GDP during 2017-18 is estimated at 6.6% as compared to the growth rate of 7.1% in 2016-17, it added.
Sector-wise
Manufacturing sector GVA grew at 8.9% in December quarter
CSO said the Gross Valued Added (GVA) for manufacturing in the December-quarter under review grew at 8.9% higher than 6.9% in the previous quarter. Farm sector GVA grew at 4.1% compared to 2.7% in the previous quarter; construction sector recorded 6.8% growth higher than 2.8% in previous quarter. The services segment including financial services grew at 6.7% up from 6.4% in previous quarter.