The gross value added (GVA) growth rate for the said quarter came at 8 per cent. The GVA gives a picture of the state of economic activity from the producers’ side or supply side, as opposed to GDP which gives the picture from the consumers’ side or demand perspective.
The GDP growth rate in the last quarter was 7.7 per cent while that in the first quarter of the previous financial year (2017-18) stood at 5.59 per cent.
The growth rate exceeded Street expectations, as a Reuters poll of economists had projected it to come at 7.6 per cent.
The latest GDP data reinforces India's tag of the fastest growing economy, with China posting a 6.7 per cent growth rate in second quarter. China follows a January - December fiscal calendar, unlike India's April - March cycle.
Earlier this year, India’s $2.6 trillion economy surpassed France’s in 2017 to be the world’s sixth largest, according to World Bank data.
In its annual report for the year 2017-18, released on Wednesday, the Reserve Bank of India (RBI) expects the country's economic growth rate to come at to 7.4 per cent for the full fiscal year 2018-19, backed by pick up in industrial activity and good monsoon.
In another set of data released by the government, eight core sectors grew by 6.6 per cent in July pushed by healthy output in coal, refinery products, cement and fertiliser.
from Times of India https://ift.tt/2MGRCH2
