India retains its position of fastest growing economy, GDP grows to 7.7% in Q4

The latest statistic brings good news for the Modi Government as India’s economy grows fastest in the seven quarters for the January-March quarter thus retaining the position of the fastest growing economy. The current ratings of more than expectation of 7.7% GDP is followed by the better performance in the manufacturing, public services, construction sector and other services.

According to the economist, India’s GDP grows to 7.7% in the fourth quarter thus making India again as the fastest growing economy surpassing China to nearly a percentage point. Finance Minister Piyush Goyal tweeted about the recent survey of the GDP growth.

He said, “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 and set for even higher growth in the future”.

With the construction benefits, growth in the agriculture sector grows to 4.5%, in manufacturing sector, it rose to 9.1% while in the construction sector it is 11.5% in the fourth quarter as against the 3.9% growth rate last year.

Hasmukh Adhia, Finance secretary said on twitter, “The constant increasing trend of quarterly GDP numbers in the four quarters of 2017-18 at 5.6 per cent, 6.3 per cent, 7 per cent and 7.7 per cent indicates that the structural measures of reforms undertaken by government is now bringing rich dividends in the form of higher GDP growth rate”.

Other services like trade, transportation and communication grows to 8%in Q4 as compared to 7.2% last year while public administration and defence services is lower to 10% against 10.7% in the previous year.

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