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Economy to grow at a higher rate in coming quarters, says Niti Aayog

The gross domestic product (GDP) at constant (2011-12) prices in the first quarter of 2018-19 is estimated at Rs 33.74 trillion, as against Rs 31.18 trillion in Q1 of 2017-18

Press Trust of India  |  New Delhi 

Illustration: Ajay Mohanty
Illustration: Ajay Mohanty

Terming as 'excellent news' the 8.2 per cent growth in the first quarter of 2018-19, Vice Chairman said today that it will surely be higher in the coming quarters.

The Indian economy grew at 8.2 per cent in the first quarter of 2018-19 on a good show by the manufacturing and farm sectors.

"Excellent of hitting a 9-quarter high at 8.2 per cent. This is slightly higher than my own estimate of 7.8 per cent which I had announced at the Motilal Oswal Investors Summit on 27th Aug.

"The growth rate will surely be higher in the coming quarters," Kumar said in a tweet.

The growth cemented India's position as the fastest growing major economy, clocking higher expansion rate than China's 6.7 in the same quarter.

The (GDP) at constant (2011-12) prices in the first quarter of 2018-19 is estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 per cent, a Central Statistics Office statement said.

Meanwhile, enthused by growth in the first quarter of 2018-19, the today expressed the hope that economy may expand at 7.5 per cent in the current fiscal.

The country's economy is on a steady growth path, Economic Affairs Secretary S C Garg said while commenting on the April-June quarter growth number.

The robust performance this quarter gives hope that growth could exceed even estimates 7.5 per cent this fiscal, he said.

He also said that the fiscal deficit will not exceed 3.3 per cent of the GDP in 2018-19.

On the falling rupee, he said it will soon be in the range of Rs 68-70 against the US dollar.

The rupee closed today at a record low of 71 to the dollar.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, August 31 2018. 19:45 IST
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