The Central Statistics Office of the Ministry of Statistics and Programme Implementation, on Friday, stated that India's Gross Domestic Product (GDP) in the April-June quarter has grown at 8.2%.
Soon after the reports were released former Finance Minister P Chidambaram took to Twitter to counter the growth and to additionally predict how the GDP will fall in the future.
Republic TV Chief Editor Arnab Goswami taking a jibe at the groups which wish for India's decline, not only in its GDP but in other social areas as well by calling them the 'pro collapse India brigade'.
"I mean constantly there is a group of politicians who seem to be on one agenda to prove that India will collapse. This is the pro collapse India brigade. They hope that the economy will collapse. They hope that socially we collapse that there are caste riots and unstoppable lynchings" he said.
P Chidambaram in his tweet dismissed the blazing growth of the Indian economy stating that 'the base effect will not be so favourable'
Here's what he said:
The release issued by Central Statistics Office of the Ministry of Statistics and Programme Implementation reads:
GDP at constant (2011-12) prices in Q1 of 2018-19 is estimated at Rs. 33.74 lakh crore ($475.5 billion), as against Rs. 31.18 lakh crore ($439.4 billion) in Q1 of 2017-18, showing a growth rate of 8.2%.
GVA (Gross Value Added) at basic price at constant (2011-2012) prices for Q1 of 2018-19 is estimated at Rs. 31.63 lakh crore, as against Rs. 29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8.0% over the corresponding quarter of previous year
The growth rate of 8.2% entails a significant expansion in comparison to the 5.6% growth rate India registered in the same quarter a year ago.
In the immediately preceding quarter, i.e. Jan-March Q4 2017-18, India registered a growth of 7.7%, with the previous three quarters registering 7.0% (Q3 2017-18), 6.3% (Q2 2017-18) and 5.6% (Q1 2017-18).
In its sector-wise breakdown of the GDP growth for the quarter in question, the release states:
The economic activities which registered growth of over 7% in Q1 of 2018-19 over Q1 of 2017-18 are ‘manufacturing, ‘electricity, gas, water supply & other utility services’ ‘construction’ and ‘public administration, defence, and other services’.
Get today’s India news and stay updated with latest news headlines. Follow the latest India news and never miss out on any updates from the world of Politics, Economy, Elections etc. Download the app or visit Republic World to watch Live TV & get all the breaking news from India.