GDP grows at 7.2 % in 3rd quarter of 2017-18

Speed Post News Network

New Delhi : The third quarter (Q3) estimate of Gross Domestic Product (GDP) released by the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, estimates the GDP to grow at 7.2 % Q3 (2017-18). As per CSO, Real GDP or GDP at constant prices has reached Rs 32.50 lakh crore in Q3 2017-18 as against Rs 30.32 lakh crore in Q3 2016-17.

Endorsing the uptick in GDP growth numbers, the Chairman of the EAC to PM  BibekDebroy is of the view that the economy is in the right track to accelerate and the current expansion in the growth rate reflects that the reforms initiated by the government have started showing results. Debroy asserted that the growth will pick up more in the upcoming quarter driven by the government commitment to implement structural reforms  aided by higher growth in the industrial and services sector and central government spending, according to a PIB release.

The Chairman of EAC to PM said that the GDP trends are consistent with the robust growth of the manufacturing Purchasing Manager’s Index (PMI), Index of Industrial Production (IIP) and consumer demand. The IIP (Q-o-Q % change) grew at 4.38 % in December 2017 as compared to 0.50 % in September 2017. The fast recovery in the economic indicators like IIP, PMI and consumer demand reflects a positive economic sentiment and India is on the right path to become one of the fastest major economy in the World surpassing China.