India's economic growth jumps to 7.7%

India clocks 7.7 per cent GDP growth for Q4FY18

India's GDP (Gross Domestic Product) for the fourth quarter of 2017-18 grew at 7.7 per cent, official data showed here on Thursday.

Stating that the economy is on an "uptrend", industry body Ficci today said the March quarter GDP growth at 7.7 per cent gives an "optimistic picture". "We have cut our FY19 GDP forecast by 20 basis points taking into account rising oil prices and potential global trade wars".

"These corroborate with FICCI's surveys that reveal an improving outlook on investments".

"Worrying trend is lowest core GVA (gross value added) growth (GVA excluding agriculture and public administration, defense and other services), it grew only 6.5 per cent in FY18 (previous low: 6.6 per cent in 2013-14)".

The latest round of FICCI's Economic Outlook Survey conducted by economists from industry, banking and financial service sector, said that the brewing trade tensions between the USA and China and protectionist measures by some leading economies may hit the Indian exporters, particularly MSME exporters, in the coming months.

"We also reiterated our principal stance, as far as maritime security is concerned, our commitment to a rules-based order", Modi said through an interpreter after holding talks with Singaporean Prime Minister Lee Hsien Loong.

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Growth in Asia's third-largest economy, reported by the ministry, trumped forecasts in a Reuters poll of annual growth at 7.3 percent. That's a big jump from the revised 7% growth rate recorded the previous quarter.

Following the report on India's economic growth, Goyal told ANI that the nation is now set to achieve even higher growth in the future.

The significant expansion in GDP print has sprung a positive surprise by notching up an impressive growth of 7.7 per cent in the fourth quarter of 2017-18 and "marginally overshoots the advance estimates of GDP released earlier this year", said CII Director General Chandrajit Banerjee. The pick-up in investment activity (fixed capital formation) is also a good sign.

Though March quarter figures suggest that the economy is rebounding, doubts remain over whether it can sustain the pace amid surging oil prices and a fast depreciating rupee.

India imports almost 80 percent of its oil and fluctuations in crude oil prices seriously affect the Indian economy. The economy, however, got a boost from higher government spending in the March quarter.

"Accordingly, we expect the Reserve Bank of India (RBI) to raise its policy repo rate by 50bps in 2018 with the first hike of 25bps at their meeting next week", added ANZ.

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