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Q3 GDP zooms to 7% on back of manufacturing growth

Author: IANS/Thursday, March 1, 2018/Categories: Economy

Q3 GDP zooms to 7% on back of manufacturing growth

New Delhi - A pick-up in the country's manufacturing, construction and agriculture sectors accelerated India's third quarter 2017-18 GDP growth to 7.2% from a rise of 6.5% achieved in the second quarter, official data showed.

According to the second advance estimates of national income at constant (2011-12) and current prices for the financial year 2017-18, the GDP growth rate of the entire fiscal 2017-18 was pegged at 6.6%.

"GDP at constant (2011-12) prices in Q3 of 2017-18 is estimated at Rs 32.50 lakh crore, as against Rs 30.32 lakh crore in Q3 of 2016-17, showing a growth rate of 7.2%," the second advance estimates showed.

"GVA at basic prices at constant (2011-12) prices in Q3 of 2017-18 is estimated at Rs 30.11 lakh crore, as against Rs 28.21 lakh crore in Q3 of 2016-17, showing a growth rate of 6.7%."

"... The growth in GDP during 2017-18 is estimated at 6.6% as compared to the growth rate of 7.1% in 2016-17," the estimates disclosed.

As per the data released by the Ministry of Statistics and Programme Implementation the growth in the country's quarterly GDP came on the back of a healthy pick-up in manufacturing, construction and agriculture activities.

"Growth rates in various sectors are ... 'agriculture, forestry and fishing'(4.1%), ‘mining and quarrying' (- 0.1%), ‘manufacturing' (8.1%), ‘electricity, gas, water supply and other utility services' (6.1%) ‘construction' (6.8%)...," the data revealed. 

In terms of Gross Value Added (GVA), which excludes taxes while including subsidies, the second advance estimates showed a growth of 6.7% in Q3 from 6.2% in the previous quarter of 2017-18.

"Real GVA, that is, GVA at basic constant prices (2011-12) is anticipated to increase from Rs 112.48 lakh crore in 2016-17 to Rs 119.64 lakh crore in 2017-18," the data showed.

"Anticipated growth of real GVA at basic prices in 2017-18 is 6.4% as against 7.1 per cent in 2016-17."

India Inc pointed-out that the data indicated an improvement in "investment, manufacturing and construction". 

"The 7.2% growth in GDP for Q3 also highlights an improvement in investment, manufacturing and construction thereby giving hope for a good pace of economic growth in the next fiscal, as the stage is now set in FY2017-18," said Assocham's secretary general D.S. Rawat.

"However, the gross value addition (GVA), which is net of taxes, is not as good as GDP, underscoring the fact much more needs to be done in terms of sustainable growth," he added.

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