Monday, 17 December, 2018

As election looms, Modi's popularity wanes in rural India

“On the domestic front growth should benefit from an acceleration in rural consumption supported by higher minimum support prices and a normal monsoon” Moody’s said India clocks 7.7 per cent GDP growth for Q4FY18
Leonard Rios | 05 June, 2018, 03:55

According to the FICCI's Economic Outlook Survey, it was estimated that the India's GDP growth is expected to hover around 7.1 % for Q4, 2017-18 and 6.6 for the full year 2017-18.

Garg said the GDP growth for the whole year at 6.7 per cent was revised upward from 6.6 per cent in the earlier estimate.

India's GDP grew slightly better than expected at 7.7% for the quarter ending March 31, 2018, raising the prospect of an interest rate hike by the country's central bank later this year.

"So manufacturing at 9.1 per cent and construction at 11.5 per cent indicate a turnaround in the economy which going forward would also give a big momentum to growth", he said.

The growth in the "agriculture, forestry and fishing", "mining & quarrying", "manufacturing", "construction", and "financial, real estate and professional services" is estimated to be 3.4 per cent, 2.9 per cent, 5.7 per cent, 5.7 per cent and 6.6 per cent, respectively, the statement said.

"Overall, we expect 2018 to be a year of robust global growth, similar to 2017".

The 9.0% growth of capital goods and the expansion in the GoI's capital spending in January-February 2018 are likely to have contributed to the healthy expansion of gross fixed capital formation (GFCF) in the just-concluded quarter.

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"With fresh capacity being added by the private corporates in limited sectors, we maintain our view that the revival in investment activity is not broad-based", said Nayar". The union Minister said that it is set for even higher growth in the future. "The banking sector remains in a fragile state, and such problems have the potential to derail the ongoing growth recovery".

Moving on, interim Finance Minister Piyush Goyal, said, "GDP has been increasing continuously every quarter with 7.7% Q4 GDP".

As compared to India's outstanding performance, China Grew at 6.8% in the January to March Quarter.

For oil-importing India, the combination of a weaker currency and surging oil prices is a threat not only for the current-account deficit, but also inflation. India meets 80 per cent of its oil needs from imports.

While that makes it one of the fastest-expanding major economies, the sustainability of the recovery is now in question as the nation battles a currency slump and faster inflation brought about by surging oil prices. Higher oil prices have already pressured the rupee, near a record low last week and Asia's worst performer. The GVA growth was 7.1 per cent in 2016-17.

The growth in GVA was widespread led by public administration, which saw growth of 13.3 percent year-on-year.

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