GDP growth 2018: With 8.2% GDP growth in first quarter of 2018-19, India retain its position as fastest growing economy

The Central Statistical Office (CSO) on Friday estimated that Gross Domestic Product (GDP) for the first quarter of the financial year 2018-19 i.e., from April to June, at 8.2 percent. The growth cements India’s position as the fastest growing economy by managing a strong show for the current fiscal with core performance and a healthy base. The Indian economy grew at a 15-quarter high of 8.2% in the April-June quarter of current fiscal on a good show by manufacturing and farm sectors, according to government data released on Friday.

Read: India To Become Major Driving Force Of World's Economy, Says PM Modi In His Speech On India's 72nd Independence Day

"GDP growth at constant (2011-12) prices in Q1 of 2018-19 has estimated at Rs 33.74 lakh crore, as compared to Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 percent. Quarterly GVA at basic price at constant (2011-2012) prices for Q1 of 2018-19 is estimated Rs 31.63 lakh crore, as against Rs 29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8.0 percent over the corresponding quarter of previous year," said a statement by the Ministry of Statistics and Programme Implementation.

Given below is the Industry analysis as per the GDP growth:

Agriculture, forestry and fishing:

Quarterly GVA (Gross Value Added) at basic prices for Q1 2018-19 from ‘agriculture, forestry and fishing’ sector grew by 5.3 percent as compared to growth of 3.0 percent in Q1 2017-18.

• Production of rice- 15.0%
• Production of  wheat- 1.2%
• Production of coarse cereals- 15.6%
• Production of pulses- 17.3%
• Production of oilseeds-  5.6%
• Fruits and vegetables- 55.1%

Around 44.9 percent of GVA (Gross Value Added) of this sector is based on the livestock products, forestry and fisheries, which registered a combined growth of about 8.1 percent.

Mining and quarrying:

Quarterly GVA at basic prices for Q1 2018-19 from ‘mining and quarrying’ sector grew by 0.1 percent as compared to a growth of 1.7 percent in Q1 2017-18.

• Production of coal- 13.2%
• Crude oil-  (-) 2.4%
• Natural gas- 0.1%
• IIP mining-  5.4%

Manufacturing:

Quarterly GVA at basic prices for Q1 2018-19 from ‘manufacturing’ sector grew by 13.5 percent as compared to growth of (-) 1.8 percent in Q1 2017-18.

• The private corporate sector growth (which has a share of over 75 percent in the manufacturing sector) was estimated from available data of listed companies with BSE and NSE
• The quasi-corporate and unorganized segment (which has a share of over 20 percent in the manufacturing sector) has been estimated using IIP of manufacturing
• IIP manufacturing registered the growth rate of 5.2 percent during Q1 of 2018-19 as compared to 1.6 percent during Q1 of 2017-18

Electricity, gas, water supply and other utility services:

Quarterly GVA at basic prices for Q1 2018-19 from ‘Electricity, Gas, water supply and other utility services’ sector grew by 7.3 percent as compared to growth of 7.1 percent in Q1 2017-18. IIP of Electricity registered a growth rate of 4.9 percent during Q1 of 2018-19 as compared to 5.3 percent in Q1 of 2017-18.

Construction sector:

The quarterly GVA at the basic price at constant (2011-2012) prices for Q1 of 2018-19 is estimated at ₹31.63 lakh crore, against ₹29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8% over the year-ago period, it said.

• Production of cement- 14.2%
• Consumption of finished steel- 8.4%
• IIP of non-metallic minerals- 10.5%

Trade, hotels, transport, communication and services related to broadcasting:

The Quarterly GVA at basic prices for Q1 2018-19 from this sector grew by 6.7 percent as compared to growth of 8.4 percent in Q1 2017-18.

• Cargo handled at major seaports- 4.0%
• Cargo handled by the civil aviation- 3.7%
• Passengers handled by the civil aviation- 17.1% 

Railway:

• Net Tonne Kilometers- 8.2%
• Passenger Kilometers- 1.0%

Financial, real estate and professional services:

Quarterly GVA at basic prices for Q1 2018-19 from this sector grew by 6.5 percent as compared to growth of 8.4 percent in Q1 2017-18. The major component of this industry is the real estate and professional services which has a share of 74.6 percent.

• The key indicators of this sector are the quarterly growth of the corporate sector for Real estate, business services and computer-related activities which are estimated from available data from listed companies
• Aggregate bank deposits-6.8%
• Bank credits- 10.9%

Public administration, defence and other services: 

Quarterly GVA at basic prices for Q1 2018-19 from this sector grew by 9.9 percent as compared to growth of 13.5 percent in Q1 2017-18.

• Union Government revenue expenditure net of interest payments excluding subsidies grew by 14.5 percent during Q1 of 2018-19 as compared to 19.8 percent in Q1 of 2017-18
• Taxes on products grew by 23.5 percent in Q1 of 2018-19 as compared to 13.6 percent in Q1 of 2017-18

 

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