PMEAC30-November, 2018 18:34 IST
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation released the estimates of Gross Domestic Product (GDP) for the second quarter (July-September) Q2 of 2018-19. As per the CSO, growth rate estimates of GDP at Constant Prices forJuly-September 2018 stand at 7.1%.These estimates represent a sizable jump from last year’s Q2 growth rate estimates of 6.3%, indicating sustainedacceleration in India’s economic growth. The CSO estimates state that GDP at constant priceswas Rs. 33.98 lakh crores for Q2, 2018-19,which is a marked increase from ofRs. 31.72 lakh crores and Rs. 29.79 lakh crores for the same period in 2017-18 and 2016-17, respectively.
Welcoming this development, Dr. Bibek Debroy, Chairman of the Economic Advisory Council to Prime Minister (EAC-PM) attributed this positive trend to government’ssuccessful policy efforts in maintaining a stable domestic environment despite global uncertainties. He further stated that the government’s focus onsimplifyingIndia’s business and investment eco-system, complimented by its initiatives to make growth more equitable and inclusivehas greatly improved India’s economic health in the recent past.
He added that despite international trade tensions and volatile crude oil prices, India’s strong economic fundamentals continue to provide the much-needed thrust for it to be a major global driver of economic growth. The robust growth rates in sectors such asmanufacturing and constructionshow thatthe growth momentum continues to be broad based.The encouraging growth figuresalong with continued empowerment of the economically disadvantaged through programs such as last mile electricity connectivity and housing for all, are positive signs for India’s economic prospects in the coming quarters.