Business

India’s GDP Growth In Q3 At 7.2%, Usurps China As Fastest Growing Economy

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| February 28 , 2018 , 19:31 IST

India replaces neighbours China as the fastest growing economy in the world, as their GDP increases by 7.2 percent in October-December 2017, as per data from Central Statistics Office (CSO) on Wednesday.

With the increase in economy in September 2017 by 6.3 percent after recovering from a three-year low of 5.7 percent in the June Quarter, it is evident that the economy has moved on from twin policy shocks of demonetisation and GST.

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India’s improvement on its 6.3 percent GDP growth in July-September comes as its manufacturing and services sector have been overcoming irritants caused in the bumpy launch of GST. The manufacturing sector grew 8.1 percent in the third quarter of 2017-18.

The agriculture sector grew 4.1 percent in October-December period from 1.7 percent in the previous quarter. It is likely to grow at 3 percent in 2017-18 from 6.3 percent in the previous year, the CSO estimates said. 

The GDP data could help Prime Minister Narendra Modi, who faces criticism over mounting bad loans of state banks and a $1.77 billion fraud at state lender Punjab National Bank, the biggest in the country’s banking history, with many to following its suit.

Railway Minister Piyush Goyal also commended this achievement and commended Prime Minister Narendra Modi’s leadership for this feat.