Speed Post News Network
New Delhi : The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, released the estimates of Gross Domestic Product (GDP) for the second quarter (July-September) Q2 of 2018-19. As per the CSO, growth rate estimates of GDP at Constant Prices for July-September 2018 stands at 7.1%.
These estimates represent a sizable jump from last year’s Q2 growth rate estimates of 6.3% indicating sustained acceleration in India’s economic growth. The CSO estimates state that GDP at constant prices was Rs 33.98 lakh crore for Q2, 2018-19, which is a marked increase from of Rs 31.72 lakh crore and Rs 29.79 lakh crore for the same period in 2017-18 and 2016-17 respectively.
Welcoming this development, Dr Bibek Debroy, Chairman, Economic Advisory Council to Prime Minister (EAC-PM), attributed this positive trend to government’s successful policy efforts in maintaining a stable domestic environment despite global uncertainties. He further stated that the government’s focus on simplifying India’s business and investment eco-system, complimented by its initiatives to make growth more equitable and inclusive has greatly improved India’s economic health in the recent past.
He added that despite international trade tensions and volatile crude oil prices, India’s strong economic fundamentals continue to provide the much-needed thrust for it to be a major global driver of economic growth. The robust growth rates in sectors such as manufacturing and construction show that the growth momentum continues to be broad based. The encouraging growth figures along with continued empowerment of the economically disadvantaged through programmes such as last mile electricity connectivity and housing for all are positive signs for India’s economic prospects in the coming quarters, he said, according to a PIB release.