Economy grows 7.2% in Oct-Dec quarter

Economy grows 7.2% in Oct-Dec quarter

On the back of a good demand growth, pick-up in manufacturing and services, India will surpass China as the fastest-growing economy in the October-December quarter, as per a poll report.

The figure raised hope that the disruptions from dramatic policy moves by Prime Minister Narendra Modi past year may have faded.

However, the Chairman of Economic Adviser Council (EAC) to Prime Minister, Bibek Debroy, said the economy is on the right track to accelerate and the current expansion in the growth rate in a reflection of the reforms initiated by the Government. The construction sector grew by 6.8 per cent in the third quarter, compared to 2.8 per cent in the previous quarter.

Due to shock ban on high-value currency and implementation of GST, the GDP growth had fallen to a three-year low of 5.7 percent in the April-June quarter.

The sectors which are likely to register growth rate of over seven percent are public administration, defence and other services, trade, hotels, transport, communication and services related to broadcasting, electricity, gas, water supply and other utility services and financial, real estate and professional services.

President Donald Trump has vowed to return the USA to sustained annual growth of 3% or higher. Garg said: "Manufacturing growth at 8.1 per cent and construction growth at 6.8 percent confirms robust turnaround in industrial economy".

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Precipitation began overnight, with a mix of heavy rain, hail and snow falling during the morning commute. Flight tracking services say the storm has already caused airports to cancel many flights for Friday .

Assocham said the third quarter GDP numbers paint a "pretty good macro picture" for Indian economy. It also revised upwards its GDP growth estimate for the July-September quarter (2017-18 second quarter) to 6.5 per cent, up from the earlier estimate of 6.3 per cent.

October-December GDP growth is also the fastest in the calendar year, and in five quarters.

When the Central Statistics Office (CSO) released the first advance estimates (FAE) of national income in early January, the central message was that economic growth had hit the bottom; the only way forward was up.

"Growth momentum in Q3 looks realistic for agriculture but a bit excessive for manufacturing and a few services".

Moody's Investors Service estimates India to grow at 7.6 per cent in calendar year 2018 and 7.5 per cent in 2019, amid signs of economic recovery from impact of demonetisation and GST. Wednesday's growth figure will not change expectations for monetary policy, however.

New Fed Chairman Jerome H. Powell says U.S. economy has strengthened, suggesting central bank could hike interest rates faster than anticipated.

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