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The latest numbers released by the government on Thursday showed that India was the fastest growing major economy, ahead of China, which reported a 6.8% expansion in the March quarter, though there is a massive difference in the size of the two Asian economies (India’s $2.6 trillion vs China’s $12 trillion).
During the full 2017-18 fiscal, the economy clocked 6.7% growth, lower than 7.1% growth of 2016-17. While manufacturing and farm sector were estimated to have expanded at a slower pace during the last fiscal, it was services which drove growth.
Dharmakirti Joshi, chief economist at ratings agency CRISIL, said, “It is heartening to see investments expand at 14.4%. This is likely to be on account of government investments as the private corporate sector is still deleveraging and faces capacity overhang.”
The numbers provided much-needed cheer to the government, which is bracing for a tough battle ahead given the spurt in oil prices which can not just impact its fiscal calculations but also put pressure on inflation. The depreciation of the rupee is expected to add to the pressure. “GDP growth has been increasing continuously every quarter with growth of 7.7% in Q4 of 2017-18. Shows that the economy is on the right track & set for even higher growth in the future,” Piyush Goyal, who is officiating as finance minister, tweeted.