Monday, 12 November, 2018

Indian economy expands 7.7 pc in Q4, 6.7 pc in FY18

Indian economy expands 7.7 pc in Q4, 6.7 pc in FY18 Indian economy expands 7.7 pc in Q4, 6.7 pc in FY18
Gerardo Duncan | 04 June, 2018, 11:14

The India GDP growth forecast of 7.5 per cent for 2019-20 is more than a percentage point higher than the 6.4 per cent growth forecast of China.

India's GDP growth rate of 7.7 percent, recorded in the fourth quarter of 2017-2018, shows that the country's economy was on an uptrend, said president of Federation of Indian Chambers of Commerce and Industry (FICCI) Rashesh Shah on Friday. Rapid growth in agriculture (4.5 percent), manufacturing (9.1 percent) and construction sectors (11.5 percent) contributed to the overall growth.

Meanwhile, Finance Secretary Hasmukh Adhia said the constant increasing trend of quarterly GDP numbers in FY18 (at 5.6 per cent, 6.3 per cent, 7 per cent and 7.7 per cent) indicated that the structural reforms undertaken by the government were "now bringing rich dividends".

CII director general Chandrajit Banerjee said, "The significant expansion in GDP print has been powered by a broad-based upturn in farm output, improved manufacturing performance and a vibrant services sector". On a gross value added basis, he expects growth of 7.5 percent, higher than the 7.1 percent median in a Reuters poll for that metric.

"GDP at 2011-12 prices in the fourth quarter (Q4) of financial year 2017-18 registered growth rate of 7.7 per cent as against 5.6 per cent, 6.3 per cent and 7 per cent respectively, in the first three quarters, Q1, Q2 and Q3 of 2017-18".

The role of fiscal policy was also clear in government consumption data that saw a growth of 16.8 percent year-on-year. He emphasized that this is the development under leadership of Prime Minister Narendra Modi and Union Minister Arun Jaitley.

The research also indicated that the Goods and Services Tax (GST) may hamper the growth rate progress for a few quarters, however saying that the drawbacks will gradually moderate. Moreover, the improvement in the construction GVA growth in Q4 FY2018 benefitted from the base effect, given the issues related to demonetisation, including the availability of labour, Nayar said.

Around two-thirds of economists in the poll who answered an extra question said growth would continue at roughly the same pace through the fiscal year that began on April 1. "So we at this moment feel that we should retain (the growth estimate)", he said. The economy, however, got a boost from higher government spending in the March quarter.

DOWNSIDE RISKS: The recovery could be threatened by higher global crude oil prices, which this month hit $80 a barrel, their highest since 2014. The International Monetary Fund expects economic growth could reach 7.4 percent in 2018/19.

He, however, agreed that the recent increase in global oil prices will have certain implications, adding that the downward revision by Moody's was also due to the rising oil prices.

Recommended

Is Microsoft acquiring GitHub? Negotiations talks by the tech giant Microsoft to acquire GitHub started in 2016, but never advanced enough, until now. Many tech companies and individual developers use the platform to store and share certain code, and collaborate.

CELTICS TALK PODCAST: Game 7 learning experience; Why was Kyrie missing? CELTICS TALK PODCAST: Game 7 learning experience; Why was Kyrie missing? The good news on that front is that they have a pair of All-Stars coming back next season that missed the playoffs due to injury. That's going to eat at all of us for a while". "We think this is the final step from a medical standpoint", Ainge said Thursday.

What to expect at Apple's WWDC 2018 What to expect at Apple's WWDC 2018 Whatever the WWDC 2018 keynote announcements may be, the software updates likely won't be available for a few months. Ideally, GDPR-level control for users should become standard for all apps across Apple's multiple operating systems.

China warns US trade deals are off if tariffs go ahead China warns US trade deals are off if tariffs go ahead Indeed, this has caused consternation in Beijing and is regarded as a "red line" for the ruling Communist Party. Following Beijing's announcement, US Treasury Secretary Steven Mnuchin said the dispute was "on hold".

Record-breaking Curry puts Warriors 2-0 up Record-breaking Curry puts Warriors 2-0 up Meanwhile, despite lacking Andre Iguodala , the Warriors' supporting cast was what you'd expect from such a disciplined squad. Watching Smith take matters into his own hands undid all the hard work Cleveland put in throughout Game 1 of the Finals .

U.S. allies hit back over steel and aluminium tariffs U.S.  allies hit back over steel and aluminium tariffs The European Union is planning to answer USA tariffs on steel and aluminum by hiking tariffs on various goods coming from America. House Speaker Paul Ryan, who is not seeking re-election, said he disagrees with the decision.

Arbaaz Khan in connection with an alleged online betting scam in IPL Arbaaz Khan in connection with an alleged online betting scam in IPL Jalan has also told interrogators about 2 matches being fixed by him with the help of his other associates, said the Times Now report.

Summit with N. Korea is back on for June 12 Summit with N. Korea is back on for June 12 What did Trump say today? Pompeo said that after a series of meetings he believes the talks are going in "the right direction". North Korea is estimated to have more than a dozen nuclear weapons.

White House promotes fitness with a field day on the South Lawn White House promotes fitness with a field day on the South Lawn She was hospitalised on the 14th May and spent following the five days in hospital, recovering from a kidney operation. Reporters turned to look at the spot he indicated, but there was no sign of the first lady.

Trump considering commuting Blagojevich sentence Trump considering commuting Blagojevich sentence D'Souza said in one tweet that the students had received the "worst news since their parents told them to get summer jobs". So just who is Dinesh D'Souza? That prosecution was led by one of Bharara's predecessors as USA attorney, James B.

United States allies vow to retaliate over Trump's metal tariffs United States  allies vow to retaliate over Trump's metal tariffs The administration is taking the action under a relatively obscure US trade law meant to protect national security . In the name of national security, the Trump administration is also investigating possible limits on foreign cars .

Lava from Kilauea 'hotter than ever' after eruption, scientists warn Lava from Kilauea 'hotter than ever' after eruption, scientists warn Overnight, the lava was moving fast enough to cover about six football fields an hour, according to U.S. Vog is a haze created when sulfur dioxide gas and other volcanic pollutants mix with moisture and dust.

Pixel 3 Devices to Be Completely Built In-House by Google Pixel 3 Devices to Be Completely Built In-House by Google The report goes on to say that Google won't be adopting a dual rear camera setup on either one of the Pixel smartphones this year. HTC has long worked to match Apple as a design-led phone brand, and Google acquired parts of HTC Corp back in January.

National Donut Day: Made possible by the Salvation Army National Donut Day: Made possible by the Salvation Army Mary Ann Donut Kitchen at 1601 Liberty St in Allentown is offering a "Baker's Dozen" deal for National Donut Day. With two locations in the Valley, this local donut shop is offering a free donut with any beverage purchase.

New Zealand to kill 150K cows to end bacterial disease New Zealand to kill 150K cows to end bacterial disease Government will meet 68 per cent of this cost and DairyNZ and Beef+Lamb New Zealand will meet 32 per cent. New Zealand will slaughter more than 100,000 cows in an effort to eradicate a bacterial disease.