Finance Ministry: The Indian Economy Is On Track To Maintain A High Growth Rate In The Current Global Environment
The Second Quarter Data for the GDP growth for the Financial Year (FY) 2018-19 has been released. The Ministry of Finance makes the following Statement in this regard.
The Second Quarter has seen a reasonable overall GDP growth of 7.1%. The H-1 2018-19 growth of the GDP is 7.6% and the H-1 GVA growth is 7.4%. The growth in the Second Quarter is on higher base compared to the growth of the First Quarter.
The Manufacturing Growth on a base of 7.1% in Q2 2017-18 has been 7.4% in Q2 2018-19. The Construction Sector has grown by 7.8%. The Gross Fixed Capital Formation as a ratio of GDP has increased by almost 1.3 percentage points over Q2 of last year. The exports for Q-2 have grown by 13.4%. The Government consumption for the Quarter has also significantly increased by 12.7%. This Quarter also faced the challenge of higher oil prices resulting in much higher import bill and the weakening of the rupee. The Indian Economy is on track to maintain a high growth rate in the current global environment, the Ministry concluded.