Published 18:12 IST, August 31st 2018
India's Q1 (April-June) 2018-19 GDP estimated to have grown at 8.2%
India's GDP is estimated to have grown at 8.2% in the April-June quarter of the current financial year, the Central Statistics Office of the Ministry of Statistics and Programme Implementation, revealed on Friday.
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India's GDP (Gross Domestic Product), the total value of goods and services produced within a defined period, is estimated to have grown at 8.2% in the April-June quarter of the current financial year, the Central Statistics Office of the Ministry of Statistics and Programme Implementation, revealed on Friday.
The release reads:
GDP at constant (2011-12) prices in Q1 of 2018-19 is estimated at Rs. 33.74 lakh crore ($475.5 billion), as against Rs. 31.18 lakh crore ($439.4 billion) in Q1 of 2017-18, showing a growth rate of 8.2%.
GVA (Gross Value Added) at basic price at constant (2011-2012) prices for Q1 of 2018-19 is estimated at Rs. 31.63 lakh crore, as against Rs. 29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8.0% over the corresponding quarter of previous year
The growth rate of 8.2% entails a significant expansion in comparison to the 5.6% growth rate India registered in the same quarter a year ago.
In the immediately preceeding quarter, i.e. Jan-March Q4 2017-18, India registered a growth of 7.7%, with the previous three quarters registering 7.0% (Q3 2017-18), 6.3% (Q2 2017-18) and 5.6% (Q1 2017-18).
In its sector-wise breakdown of the GDP growth for the quarter in question, the release states:
The economic activities which registered growth of over 7% in Q1 of 2018-19 over Q1 of 2017-18 are ‘manufacturing, ‘electricity, gas, water supply & other utility services’ ‘construction’ and ‘public administration, defence and other services’.
Here is a readout of quarter-wise GDP estimates at the time that they were first announced (similar to how the growth rate mentioned above is an estimate) for the past few years:
[At constant (2004-05) prices]
Q1 2011-12 - 7.7 per cent
Q2 2011-12 - 6.9 per cent
Q3 2011-12 - 6.1 per cent
Q4 2011-12 - 5.3 per cent
Q1 2012-13 - 5.5 per cent
Q2 2012-13 - 5.3 per cent
Q3 2012-13 - 4.5 per cent
Q4 2012-13 - 4.8 per cent
Q1 2013-14 - 4.4 per cent
Q2 2013-14 - 4.8 per cent
Q3 2013-14 - 4.7 per cent
Q4 2013-14 - 4.6 per cent
Q1 2014-15 - 5.7 per cent
Q2 2014-15 - 5.3 per cent
[Onward: At constant (2011-12) prices]
Q3 2014-15 - 7.5 per cent
Q4 2014-15 - 7.5 per cent
Q1 2015-16 - 7.0 per cent
Q2 2015-16 - 7.4 per cent
Q3 2015-16 - 7.3 per cent
Q4 2015-16 - 7.4 per cent
Q1 2016-17 - 7.3 per cent
Q2 2016-17 - 7.3 per cent
Q3 2016-17 - 7.0 per cent
Q4 2016-17 - 6.1 per cent
Q1 2017-18 - 5.6 per cent
Q2 2017-18 - 6.3 per cent
Q3 2017-18 - 7.0 per cent
Q4 2017-18 - 7.7 per cent
Q1 2018-19 - 8.2 per cent
(Source: Central Statistics Office website, Ministry of Statistics and Programme Implementation)
Here's how political leaders have reacted:
Former Finance Minister and senior Congress leader P Chidambaram has emphasised a base effect for the high growth rate:
He has offered a prediction for coming quarters:
READ | Finance Minister Arun Jaitley Denies That Demonetisation Was Unsuccessful; States Larger Purpose
BJP party president Amit Shah, however, has put out a set of info-graphics on the Q1 economic performance and has cited the numbers as a 'reflection on the transformative changes being ushered in by PM Modi'
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Updated 13:27 IST, September 3rd 2018