India's Gross Domestic Product (GDP) grew at the rate of 8.2 per cent in the first quarter of 2018-19, beating the estimates of 7.6 per cent by economists, according to the data released by the Central Statistics Office (CSO). This is the highest GDP growth rate registered in the last two years.
As per the CSO data, the GDP (2011-12) in Q1 of 2018-19 registered the growth rate of impressive 8.2 per cent up from 7.7 per cent in Q4 of 2017.18 quarter. The GDP at constant prices in the first quarters of the financial year 2018-19 was estimated at 33.74 lakh crore against 31.18 lakh crore in Q1 of 2017-18.
The Ministry of Statistics and Programme Implementation in a statement said that the sectors which registered the growth rate of more than 7 per cent in Q1 of 2018-19 included manufacturing, electricity, gas, water supply and other utility services, construction and public administration, defence and other services.
“The growth in the 'agriculture, forestry and fishing', 'mining and quarrying', 'trade, hotels, transport, communication and services related to broadcasting' and financial, real estate and professional services is estimated to be 5.3 per cent, 0.1 per cent, 6.7 per cent, and 6.5 per cent respectively during this period,” the ministry said.
Earlier, the Reserve Bank of India (RBI) in its annual report released on August 29, had predicted India's economic growth rate at 7.4 per cent in the first quarter of the current financial year on pick up in industrial activity and good monsoon.
Meanwhile, India's foreign exchange reserves rose by USD 445.4 million to USD 401.293 billion in the week to August 24 on the back of an increase in currency assets, RBI said on Friday. In the previous week, the overall reserves had witnessed a drop of USD 33.2 million to USD 400.84 billion.
(With Inputs from agencies)