The gross domestic product (GDP) growth rate for the first quarter of April – June of fiscal year 2018-19 touched 8.2 per cent. The GDP growth rate in the last quarter was 7.7 per cent while that in the first quarter of the previous financial year (2017-18) stood at 5.59 per cent.
Finance Secretary Hasmukh Adhia said the GDP growth rate of 8.2 percent clearly indicates that several structural reforms introduced such as GST have started giving rich dividends.
In a series of tweets, he said the growth in manufacturing sector also indicates broad-based recovery of demand. He added that it has been a remarkable speed of economic recovery in the last four quarters.
Chairman of the Economic Advisory Council to Prime Minister (EAC-PM) Dr. Bibek Debroy also welcomed the GDP growth rate of 8.2 per cent. According to an official release, Dr Debroy attributed this positive trend to continued impetus on structural reforms and effective implementation of ongoing policy initiatives.
He also stated that the focus on boosting capital spend in 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.
Dr Debroy said, 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. He said 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.