India clocks world's fastest GDP growth in Q4

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We retain it at that level... there is no one-to-one relation between the oil price growth and the GDP growth.

"GDP growth has been increasing continuously every quarter".

The construction sector's growth rose to 11.5 percent compared with 6.6 percent in the previous quarter.

For the fiscal year that ended March 31, the Ministry of Statistics reported growth of 6.7 percent, down from 7.1 percent for a year earlier.

India's GDP or gross domestic product growth accelerated to 7.7 per cent in the March quarter - the fastest pace of growth in seven quarters.

Showing signs of fully coming out of the shadows of demonetisation and Goods and Services Tax (GST), India's GDP for the fourth quarter of 2017-18 grew at 7.7 per cent, while for the full financial year 2017-18 it touched 6.7 per cent, official data showed here on Thursday.

In a tweet, Mr Goyal said, this shows that the economy is on the right track and set for even higher growth in the future.

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Mining and quarrying did not perform well in January-March as GVA of the segment grew at 2.7 per cent, down from 18.8 per cent in the year-ago period.

"Seems like we have moved beyond the teething troubles related to GST implementation", said Tushar Arora, a senior economist at HDFC Bank. "We hope the Monetary Policy Committee would not press the panic button that could create further friction on growth rate and would continue to hold on to the interest rates", he said.

The growth in GVA was widespread led by public administration, which saw growth of 13.3 percent year-on-year. With a year to go for the general elections, a pick-up in growth could not have been better timed, from the Centre's point of view.

"Overall, we expect 2018 to be a year of robust global growth, similar to 2017".

While global rating agency Moody's had earlier cut India's GDP forecast due to rising oil prices and several other factors, it suggested that the country's economic growth would expand by 7.3 per cent in the fiscal. Possibly, the biggest risk could be rising crude oil prices, which this month hit $80 a barrel, their highest since 2014. Higher oil prices have already pressured the rupee, near a record low last week and Asia's worst performer. Higher cost of financing is also likely to slow investment and consumption spending across government, households and firms, said Abhishek Gupta, of Bloomberg Economics.

Sampath Reddy, CIO, Bajaj Allianz Life said GDP growth Q4 FY18 came in above expectations at 7.7%, on the back of gross fixed capital formation (or investments).

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