Economy to grow at a higher rate in coming quarters, says Niti Aayog

Illustration: Ajay Mohanty

Terming as 'excellent news' the 8.2 per cent GDP growth in the first quarter of 2018-19, Niti Aayog Vice Chairman Rajiv Kumar said today that it will surely be higher in the coming quarters.

The Indian economy grew at 8.2 per cent in the first quarter of 2018-19 on a good show by the manufacturing and farm sectors.

"Excellent news of GDP hitting a 9-quarter high at 8.2 per cent. This is slightly higher than my own estimate of 7.8 per cent which I had announced at the Motilal Oswal Investors Summit on 27th Aug.

"The growth rate will surely be higher in the coming quarters," Kumar said in a tweet.

The growth cemented India's position as the fastest growing major economy, clocking higher expansion rate than China's 6.7 in the same quarter.

The gross domestic product (GDP) at constant (2011-12) prices in the first quarter of 2018-19 is estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 per cent, a Central Statistics Office statement said.

Meanwhile, enthused by GDP growth in the first quarter of 2018-19, the Finance Ministry today expressed the hope that economy may expand at 7.5 per cent in the current fiscal.

The country's economy is on a steady growth path, Economic Affairs Secretary S C Garg said while commenting on the April-June quarter growth number.

The robust performance this quarter gives hope that growth could exceed even estimates 7.5 per cent this fiscal, he said.

He also said that the fiscal deficit will not exceed 3.3 per cent of the GDP in 2018-19.

On the falling rupee, he said it will soon be in the range of Rs 68-70 against the US dollar.

The rupee closed today at a record low of 71 to the dollar.

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