India’s economy grew at 7.1 per cent for the second quarter of 2018-19 according to data released by Central Statistics Office today.
These estimates represent a sizable jump from last year’s second quarter growth rate estimates, indicating sustained acceleration in country’s economic growth. The Gross Domestic Product, GDP at constant prices had grown at 6.3 per cent in July-September quarter of the last fiscal.
The CSO estimates state that GDP at constant prices was 33.98 lakh crore rupees for second quarter this fiscal, which is a marked increase from 31.72 lakh crore rupees for the same period in 2017-18.
Welcoming this development, Chairman of the Economic Advisory Council to Prime Minister, Dr. Bibek Debroy, attributed this positive trend to government’s successful policy efforts in maintaining a stable domestic environment despite global uncertainties.
He further stated that the government’s focus on simplifying India’s business and investment eco-system has 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.