7.7% GDP growth shows Indian economy is on right track: Piyush Goyal

Moody's cuts India's 2018 growth forecast to 7.3% from 7.5

The figure surpassed China's growth rate of 6.8 per cent in the same period, confirming India as the fastest growing major economy.

Encouraged by the quarterly surge, the government on Thursday said it is keeping its forecast of GDP growth of 7.5 per cent for fiscal year 2018-19 unchanged.

The Centre reported Gross Domestic Product (GDP) growth of 7.7 percent in the fourth quarter of FY 2017-18 (at 2011-12 prices). Rapid growth in agriculture (4.5%), manufacturing (9.1%) and construction sectors (11.5%) contributed to the overall growth.

India's economy expanded 7.7 per cent year-on-year during the January-March quarter, recording the quickest pace of growth in almost two years. The GDP grew 7.7 percent on a year-on-year basis, an acceleration from 7 percent in the prior quarter. The uptick in economic activity benefitted from the healthy rabi harvest, robust volume growth in various sectors, an improvement in corporate earnings, as well as a favourable base effect related to the low growth in Q4 FY2017, said Aditi Nayar, Principal Economist, ICRA.

The Philippines, whose medium-term growth outlook has been termed "positive" by the World Bank, is going to have the same growth rate as previous year (6.7 per cent).

"GDP growth has been increasing continuously every quarter with growth of 7.7 per cent in Q4 of 2017-18". There have been various quarters and years when oil prices have gone up but there has been growth also.

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The minister also hailed and credited Prime Minister Narendra Modi and Finance Minister Arun Jaitley for the development.

The "agriculture, forestry and fishing" sector showed a growth rate of 3.4 per cent as against the previous year's growth rate of 6.3 per cent, while the growth in the "manufacturing" sector was estimated at 5.7 per cent as against the previous year's growth rate of 7.9 per cent.

GVA includes taxes but excludes subsidies. He said, good growth in the fourth quarter has reflected in GDP numbers.

Around two-thirds of economists in the poll who answered an extra question said growth would continue at roughly the same pace through the fiscal year that began on April 1.

Health of the banking sector will also be crucial. India meets 80 per cent of its oil needs from imports. However, growth is likely to get a boost from monsoon rains, which hit Kerala a few days earlier than normal, potentially brightening the outlook for agricultural output. Higher oil prices have already pressured the rupee, near a record low last week and Asia's worst performer.

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