Economy in high growth mode: Secy. DEA

Secretary, Department of Economic Affairs, Subhash Chandra Garg, commented on the Quarter (Q) 3 results and said that the economy is completely in its normal high growth mode.

"Strong fixed capital growth also indicates investment picking up very well. Agriculture and services have also performed quite well. All sectors contributing and economy is completely in its normal high growth mode," Garg wrote on Twiiter.

He also said that the manufacturing and construction growth confirm a robust turnaround in the industrial economy.

"Very encouraging and solid third quarter growth numbers from Central Statistics Office (CSO). 7.2 percent growth marks return of India as the highest growing major economy in the world. Manufacturing growth at 8.1 percent and construction growth at 6.8 percent confirms robust turnaround in industrial economy," he added.

The Gross Domestic Product (GDP) growth for Q3 is at 7.2 percent, up from Q2's 6.5 percent, according to the Ministry of Statistics and Programme Implementation.

The GDP at constant (2011-12) prices in Q3 of 2017-18 is estimated at Rs 32.50 lakh crore, as against Rs 30.32 lakh crore in Q3 of 2016-17, showing a growth rate of 7.2 percent.

The growth in the agriculture, forestry and fishing, mining and quarrying, manufacturing, and construction is estimated to be 3 percent, 3 percent, 5.1 percent and 4.3 percent respectively.

Further, manufacturing growth is estimated at 8.1 percent, up from 6.9 percent in Q2 2017-18; construction growth is at 6.8 percent, up from 2.8 percent in Q2 2017-18; and services growth is projected to accelerate to 7.7 percent in Q3, from 7.1 percent in Q2 2017-18.