Indian Economy is on right track, Says Piyush Goyal
03 June 2018, 08:34 | Andres Norman
Indian economic growth accelerates sharply in Q4 FY2018, RBI likely to hike interest rate by 50 bps in 2018
It also means India continues to grow faster than China, which posted growth of 6.8% in the first quarter of 2018.
As per the Provisional estimates of national income, the growth rate of GDP at constant (2011-12) prices for the financial year 2017-18 is estimated at 6.7 percent.
The fourth quarter GDP number is the highest since demonetisation in November 2016.
With this, India remains on track to grow at above 7% in FY19, and emerge as the fastest growing major economy in the world.
Sampath Reddy, CIO, Bajaj Allianz Life said GDP growth Q4 FY18 came in above expectations at 7.7%, on the back of gross fixed capital formation (or investments).
Though the farm GVA output growth was well above satisfactory mark of 4 per cent at 4.5 per cent in fourth quarter, it was lower than 7.1 per cent a year ago.
Cambodia, Philippines and Myanmar are the other top performing countries in Asia, as per their rate of economic growth.
Consumption, which accounts for almost 70 per cent of the US$2.5 trillion (RM9.95 trillion) economy likely remained firm, supporting economic growth as reflected in the higher sales of consumer durables and vehicles.
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USA bank Morgan Stanley said it had raised its Brent price forecast to $90 per barrel by 2020 due to a steady increase in demand. West Texas Intermediate (WTI) crude futures were at $71.67 a barrel, up 18 cents, or 0.3 percent, from their last settlement.
The role of fiscal policy was also clear in government consumption data that saw a growth of 16.8 percent year-on-year.
Mining sector experiences a growth of 2.7 percent as against 1.4 percent in third quarter.
Consumer-price growth is already picking up-reaching 4.6 percent in April-and for a central bank that aims to keep inflation around the 4 percent midpoint of its target band, an interest-rate hike can't be far away.
Assocham Secretary General D S Rawat said, "While Indian economy is in cyclical recovery led by both investment and consumption, however, higher oil prices and tighter financial conditions will weigh on the pace of acceleration".
In a video posted on his Facebook on Sunday (Jun 3), Najib said the Barisan Nasional government had conducted years of studies and found that while the HSR would cost RM70 billion, it would contribute RM209 billion (US$52 billion) to Malaysia's Gross Domestic Product.
India's quarterly growth slowed to as low as 5.7 percent in spring previous year as the economy reeled from the cash ban and readied itself for GST, which aimed to create a single market in India.
Prices of petrol and diesel have surged to record highs in India as the worldwide crude oil prices hit $80 per barrel, pressuring the rupee and dubbing it Asia's worst performing currency.
The latest GDP numbers come amid concerns that rising inflation, fueled by higher oil prices and a weaker rupee, could start to dent growth in India.
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