The Indian economy has overcome the effects of demonetisation and GST, according to the official data released on Thursday. The Gross Domestic Product (GDP) of the country grew by 7.7% in the fourth quarter of fiscal year 2017-18 on the back of manufacturing and agriculture, said the Central Statistics Office (CSO), making India the fastest growing economy in the world. China’s GDP grew at 6.8% for the quarter ended March.
ALSO READ: No bids for Air India; top 5 things to know
Other facts
- In 2017-18 the GDP grew at 6.7% compared to 7.1% for the previous financial year.
- GDP growth revised lower to 7 percent for the third quarter from 7.2% earlier; GDP growth for the financial year 2016-17 revised upwards to 7.1 percent
- The finance ministry did not revise its 7.5% GDP growth forecast for the current year.
- The Gross Value Added (GVA) growth, which does not include the impact of indirect taxes and subsidies was 7.6% during the March quarter.
- All core sectors grew during three months ending March 31, in comparison to the quarter before. Agriculture, manufacturing, and construction sectors grew at 4.5%, 9.1% and 11.5%, respectively, during the March quarter. The financing, real estate and insurance segment registered a growth of 5%, while the government spending-linked public administration grew at 13.3%.
- Though the data was released after the markets closed for the day both Sensex and Nifty posted the biggest gains in two months, on Thursday, with the 30-share index ending at 35,322.4, up 416.3 points, or 1.2 per cent, most since April 5.