The Central Statistical Office (CSO) on Friday estimated that Gross Domestic Product (GDP) for the first quarter of the year, that is, April to June this year, stands at 8.2 per cent. GDP at constant (2011-12) prices in quarter one of 2018-19 is estimated at Rs.33.74 lakh crore as against Rs.31.18 lakh crore in the same period last year, the data revealed.
The figure holds significance as it represents a crucial jump from last year’s quarter one growth of 5.6 per cent, indicating superior acceleration in India’s growth trajectory. Welcoming the development, Chairman of the Economic Advisory Council to Prime Minister (EAC-PM) Bibek Debroy attributed this positive trend to the continued impetus for structural reforms and effective implementation of ongoing policy initiatives.
He further stated that the focus on boosting capital spend in the infrastructure sector and multiple initiatives to provide universal access to basic goods and services has not only contributed to this growth but has improved its quality as well.
Debroy added that despite an uncertain international environment and volatile crude oil prices, India’s sustained growth reflects its strong resilience to adverse global conditions, because of strong economic fundamentals.
“The encouraging growth rates in agriculture, manufacturing, and construction show that the growth momentum continues to be broad-based. In addition, one also expects favourable monsoons to further boost agricultural output and rural consumption in the coming quarters,” a statement from Debroy read.