Chairman of Economic Advisory Council to Prime Minister Satisfied By the Indian Economic Growth

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation released the estimates of Gross Domestic Product (GDP) for the first quarter (April- June) Q1 of 2018-19. As per the CSO, GDP growth rate estimates for April-June 2018 stand at 8.2%. These estimates represent a significant jump from last year’s Q1 growth rate estimates of 5.6%, indicating superior acceleration in India’s growth trajectory. This also validates that the economic fundamentals remain robust.

The CSO estimates state that GDP at constant prices was Rs. 33.74 crores for Q1, 2018-19, a rise from of Rs. 31.18 lakh crores and Rs. 29.42 lakh crores for the same period in 2017-18 and 2016-17, respectively.

Welcoming this development, Dr. Bibek Debroy, Chairman of the Economic Advisory Council to Prime Minister (EAC-PM) attributed this positive trend to the continued impetus for structural reforms and effective implementation of ongoing policy initiatives. He further stated that the focus on boosting capital spend in the infrastructure sector and multiple initiatives to provide universal access to basic goods and services has not only contributed to this growth but has improved its quality as well.

He added that despite an uncertain international environment and volatile crude oil prices, India’s sustained growth reflects its strong resilience to adverse global conditions, because of strong economic fundamentals. The encouraging growth rates in agriculture, manufacturing, and construction show that the growth momentum continues to be broad-based. In addition, one also expects favorable monsoons to further boost agricultural output and rural consumption in the coming quarters.