7.7% GDP growth shows Indian economy is on right track: Piyush Goyal

The Singapore Strait is one of the world's busiest commercial shipping routes and vital to the city-state's economyMore

The Singapore Strait is one of the world's busiest commercial shipping routes and vital to the city-state's economyMore

India's GDP for the fourth quarter of FY18 grew at 7.7 per cent as per the official data released earlier in the day. The country, which is classified as "lower-middle income economy" with a GNI per capita of $1,455 in 2017 by the World Bank, is expected to clock a 6.7 per cent GDP growth in 2018.

India's gross domestic product grew by 7.7% in the quarter ended March, the government said Thursday.

The minister further said that an vast growth in the field of manufacturing, agricultural and the construction has also been recorded, while highlighting that the manufacturing and construction areas also provide employment.

The fourth quarter GDP number is the highest since demonetisation in November 2016.

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The statement said the sectors which registered growth rate of over 7 per cent are "public administration, defence and other services" (10 per cent), ' trade, hotels, transport, communication and services related to broadcasting" (8 per cent) and "electricity, gas, water supply & other utility services' (7.2 per cent).

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".

The Philippines, whose medium-term growth outlook has been termed "positive" by the World Bank, is going to have the same growth rate as previous year (6.7 per cent).

The 9.1% growth rate of net indirect taxes (taxes less of subsidies) took GDP ahead of the gross value added (GVA) at basic prices, which stood at 6.5% during the fiscal year, against 7.1% a year ago. There have been various quarters and years when oil prices have gone up but there has been growth also.

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The data may offer a boost to Prime Minister Narendra Modi, who is set to seek a second term next year. Manufacturing and agriculture sector also recorded growth. His government launched a nationwide goods and services tax (GST) but its introduction was botched, almost scuttling India's growth prospects in the near term.

Economists are predicting a further pick-up in activity during the current financial year on the back of higher consumption demand, a stable GST and a surge in investment towards end of the year. "The banking sector remains in a fragile state, and such problems have the potential to derail the ongoing growth recovery".

Forecasts ranged from 6.9 to 7.7 percent.

The Indian government earlier this month sought assurances from Saudi Arabia, OPEC's biggest producer, that oil prices would remain "stable and moderate".

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Likely targets are thought to be US exports of jeans, motorcycles and bourbon. "Today is a bad day for world trade", she said. They are the two-biggest suppliers of foreign vehicles to the U.S. "We are on the losing side of nearly all trade deals".

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