India's GDP continued its upward trend and grew to remain the fastest growing economy in the world beating China which is growing at a pace of 6.8 per cent.
As per the Provisional estimates of national income, the growth rate of GDP at constant (2011-12) prices for the financial year 2017-18 is estimated at 6.7 percent.
"GDP at 2011-12 prices in the fourth quarter of 2017-18 registered a growth rate of 7.7 per cent as against 5.6 per cent, 6.3 per cent and 7 per cent, respectively, in the first three quarters of 2017-18".
The minister further said that an vast growth in the field of manufacturing, agricultural and the construction has also been recorded, while highlighting that the manufacturing and construction areas also provide employment.
The previous high GDP growth of 8.1 per cent was recorded in April-June quarter of 2016-17. Demand seemed to have picked up on the back of a concerted increase in government spending, from 10.3 per cent of GDP in 2016-17 to 10.8 per cent past year at constant prices, perhaps largely on account of pay panel obligations.
The Philippines, whose medium-term growth outlook has been termed "positive" by the World Bank, is going to have the same growth rate as a year ago (6.7 per cent). It may be noted that economists had pegged the figure at 7.3 % but as stated earlier, rapid growth in Agriculture, manufacturing and construction sector contributed significantly to the latest figures. Moreover, the improvement in the construction GVA growth in Q4 FY2018 benefitted from the base effect, given the issues related to demonetisation, including the availability of labour, Nayar said.
Economists are predicting a further pick-up in activity during the current financial year on the back of higher consumption demand, a stable GST and a surge in investment towards end of the year.
The almost $1.7 trillion formal banking sector, which is coping with non-performing assets (NPAs) and emergence of fraud scandals, is worry point in the economy.
India's recovery could be threatened by higher global crude oil prices, which this month hit $80 a barrel, their highest since 2014.
India is rebounding from an economic slowdown, with growth seen at more than 7 percent, only to find itself ensnared by the volatility engulfing emerging markets.
Domestic prices of petrol and diesel are near all-time highs, putting pressure on the government to bring down taxes on the fuels. India meets 80 per cent of its oil needs from imports. We retain it at that level even though there has been some downward revision by Moody's and others taking oil prices into consideration.
GDP growth in 2018-19 could get a boost from prospects of good monsoon, potentially brightening the outlook for agricultural output.
Currently GST is only charged on items bought from overseas sites and shipped to Australia if they're worth more than $1000. The Australian site has more than 60 million products across 23 categories, including toys, books and clothing.
The statement did not reiterate China's own previous threats to impose $50 billion in retaliatory tariffs on US goods. Commerce Secretary Wilbur Ross is set to travel to Beijing at the weekend amid growing tensions.
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