Q3 growth marks Indias return as fastest growing economy: Finmin

The finance ministry said the data indicates a broad-based and significant acceleration of real economic activity as projected in the Economic Survey

The finance ministry said the data indicates a broad-based and significant acceleration of real economic activity as projected in the Economic Survey

NEW DELHI-India's economy grew at its fastest pace in more than a year last quarter, regaining the top spot from China of the world's fastest-growing major economies.

India's Gross Domestic Product (GDP) came in at 7.2% in third quarter October - December 2017 (Q3FY18) - higher compared to 6.3% in Q2FY18 and 5.7%.

Prime Minister's Economic Advisory Council Chairman Bibek Debroy said the economy was on the right track and the current expansion in the growth rate suggests that the reforms initiated by the government had started showing results.

A Morgan Stanley research note has said that in GVA terms, in December quarter growth picked up further to 6.7 percent year-on-year from 6.1 percent in the previous quarter, the brokerage said. The economic growth will be also aided by the higher growth in the industrial and services sectors. Services growth is projected to accelerate to 7.7 per cent in the third quarter of 2017-18, up from 7.1 per cent in the previous quarter.

Finance Minister Arun Jaitley said in November that the economy seemed to have weathered the transitional challenges experienced earlier in the year and appeared poised for a durable recovery.

The downward revision to the fourth-quarter GDP growth estimate largely reflected a smaller inventory build than previously reported.

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For the whole of 2017-18, the Indian economy will grow at 6.6%, the slowest pace after Narendra Modi took office, as per the second advance estimates released by the government.

The previous high of the Indian economic growth was recorded at 7.5% in the July-September quarter of 2016-17. The growth in output compares with an upwardly revised 4.2 per cent year-on-year growth in December.

The growth revival in manufacturing sector showed the demonetisation woes no longer existed in the economy.

"The number to look at would be the GVA number, and GVA growth is largely in line with overall expectations and in line with what the monetary policy committee has been pencilling in".

Economists say better consumer spending has been crucial in increasing demands and, in turn, manufacturing and exports in this quarter.

Estimated growth in the index of mining, manufacturing and electricity are 0.8%, 7.1% and 3.8% respectively, in Q3 of 2017-18.

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