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31 Aug
2018
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Economy (The Total Investment & Insurance Solutions)
India's economy grew at an impressive 8.2 per
cent in the first quarter of 2018-19 financial year ending June 30 on the back
of a strong core performance and a healthy base . The Total Investment & Insurance Solutions
This jump ahead of national elections next
year would help bolster the government amid a debate over its economic record
versus that of its predecessor following the release of back-series data
recently. This will also be factored in by the monetary policy committee at its
next review scheduled for October 3-5. The
Total Investment & Insurance Solutions
The Indian government changed the base year
for GDP calculation from 2004-05 to 2011-12, by changing the goods and services
in the basket to make it more current, in 2015. The Total Investment & Insurance Solutions
Key Highlights This is the highest growth in
two years and strongest since the first quarter of 2016. The Total Investment & Insurance Solutions
Sectors which registerd growth of over 7 per
cent include ‘manufacturing, ‘electricity, gas, water supply & other
utility services’ ‘construction’ and ‘public administration, defence and other
services’.
The growth in the ‘agriculture, forestry and
fishing’, ‘mining and quarrying’, ‘Trade, hotels, transport, communication and
services related to broadcasting’ and financial, real estate and professional
services is estimated to be 5.3 percent, 0.1 percent, 6.7 percent, and 6.5
percent respectively during this period.
GDP at current prices in Q1 of 2018-19 is
estimated at Rs 44.33 lakh crore, as against Rs 38.97 lakh crore in Q1 of
2017-18, showing a growth rate of 13.8 percent. The Total Investment & Insurance Solutions
The official figures are much better than the
expectations of economists who have predicted about 7.5-7.6 per cent Q1 growth.
The world’s second largest economy, China,
reported a 6.7 per cent growth for June quarter compared with 6.8 per cent in
March quarter. India's $2.6 trillion economy surpassed France's in 2017 to be
the world's sixth largest, and it was not far before the United Kingdom,
according to World Bank data
However despite the strong Q1 numbers, there
is apprehension about the economy slowing down in the coming times.
Sameer Narang, chief economist at Bank of
Baroda, told Reuters that the economic growth could cool to about 7.2 percent
in October-March.
The Reserve Bank of India
has raised its benchmark repo rate by a total of 50 basis points at its past
two meetings, to 6.5 percent, to tame inflation that has remained above its
medium-term target of 4 percent for the last nine months.
In July, retail inflation eased to 4.17 percent from a year earlier, but is projected to remain around 4.8 percent in the second half of the fiscal year.
The rupee has weakened nearly 10 percent against the dollar this year, touching a record low of 71 to the dollar today, and is the worst performing currency in Asia.
Credit ratings agency Moody's has warned about rising pressure of higher oil prices and interest rates on government finances and India's current account.
Earlier today, government data showed a fiscal deficit of Rs 5.40 lakh crore for April-July, or 86.5 percent of the budgeted target for the current fiscal year compared with 92.4 percent a year earlier. The Total Investment & Insurance Solutions
In July, retail inflation eased to 4.17 percent from a year earlier, but is projected to remain around 4.8 percent in the second half of the fiscal year.
The rupee has weakened nearly 10 percent against the dollar this year, touching a record low of 71 to the dollar today, and is the worst performing currency in Asia.
Credit ratings agency Moody's has warned about rising pressure of higher oil prices and interest rates on government finances and India's current account.
Earlier today, government data showed a fiscal deficit of Rs 5.40 lakh crore for April-July, or 86.5 percent of the budgeted target for the current fiscal year compared with 92.4 percent a year earlier. The Total Investment & Insurance Solutions
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