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India's Q1 GDP grows at 8.2% on upswing in manufacturing and construction activity

Agencies
September 1, 2018

New Delhi, Sept 1: India's economy grew at 2-year high of 8.2 percent in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors, increasing its lead over China to remain the world's fastest-growing major economy.

The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 5.6 percent in the April-June quarter of last fiscal, according to government data released on Friday.

The size of the GDP in the first quarter of 2018-19 has estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, a growth rate of 8.2 percent, as per the statement of the Central Statistics Office (CSO).

The previous high in quarterly GDP growth was recorded in the January-March quarter of 2015-16 at 9.3 percent.

The Chinese economy had expanded at the rate of 6.7 percent in the April-June period this year.

India's Gross Value Added (GVA) for the quarter under consideration has been estimated at 8 percent, up from 5.6 percent in the year-ago period.

The quarterly GVA at constant (2011-2012) prices for Q1 of 2018-19 has been estimated at Rs 31.63 lakh crore, as against Rs 29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8 percent over the year-ago period.

The CSO said that manufacturing activities expand at the rate of 13.5 percent in the quarter under review. The sector had witnessed a decline of 1.8 percent in similar period last year.

Finance Minister Arun Jaitley said in a tweet that the growth represents the potential of new India. "Reforms and fiscal prudence are serving us well. India is witnessing an expansion of the neo middle class."

Niti Aayog Vice-Chairman Rajiv Kumar in a tweet said: "Excellent news of GDP hitting a 9-quarter high at 8.2 percent".

Finance Secretary Hasmukh Adhia said it has been a remarkable speed of economic recovery in the last four quarters -- 6.3 percent, 7 percent, 7.7 percent and now 8.2 percent.

"The GDP growth rate of 8.2% for the Q1 (April-June) of fiscal year 2018-19 indicates clearly that several structural reforms introduced such as GST have started giving rich dividends.The growth in manufacturing sector (13.5%) also indicates broad based recovery of demand," he said in series of tweets.

The CSO data further said 'agriculture, forestry and fishing' segment of the economy posted a growth of 5.3 percent as against 3 percent year-on-year. Growth in the 'electricity, gas, water supply and other utility serives' was 7.3 percent and in construction activities it was 8.7 percent.

'Trade, hotels, transport, communication and services related to broadcasting' and 'financial, real estate and professional services' segements posted slower growth in comparison to the year-ago quarter.

The growth in mining and quarrying activities too was slower.

Talking to reporters, Economic Affairs Secretary S C Garg said that the robust performance in the April-June quarter "gives hope" that growth could exceed even estimates of 7.5 percent for the year as whole.

Excellent growth performance in I qrtr. 8.2 percent overall growth, 13.5 percent growth in manufacturing and over 10 percent in capital formation.

"V shaped recovery of growth in Indian economy is complete now. We should grow at robust and steady state in 18-19 remaining fastest economy in World," he said.

Industry chamber Assocham said the best part about an impressive GDP growth "is that it is being led by employment-intensive manufacturing".

"Same is true about the construction which again is job-generating sector and grew by 8.7 percent," said Sandeep Jajodia, President of the chamber.

Commerce Minister Suresh Prabhu said that multiple sectors register growth of over 7 percent reflecting holistic progress towards 'New India' under the leadership of Prime Minister Narendra Modi.

In a tweet, Executive Chairman Mahindra Group Anand Mahindra linked the GDP growth number with the Asian Games, saying "...this is like receiving news of a medal... We've been sensing a strong recovery of the economy across our various businesses.This data supports that hypothesis. Now, to sustain momentum we need more reforms & swift decision making by policy-makers..."

The Gross Fixed Capital Formation (GFCF) at current prices is estimated at Rs 12.75 lakh crore in first quarter of 2018-19 as against Rs 11.20 lakh crore in similar quarter of 2017-18.

At constant (2011-2012) prices, the GFCF is estimated at Rs 10.65 lakh crore in April-June quarter of 2018-19 as against Rs 9.68 lakh crore in similar period of 2017-18.

GFCF is considered as a barometer of investment activities.

Anshuman Magazine, Chairman, India and South East Asia, CBRE said a strong GDP growth of 8.2 percent "builds expectations" and showcases that the economy is recovering much faster than expected from the implementation of policy reforms such as the GST last year.

President of PHDCCI Anil Khaitan said the growth of agriculture, forestry and fishing is reflecting the focus of the government on farm and rural economy during the last few years which would go a long way to strengthen the economy and put it on USD 5 trillion economy by 2025.

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Agencies
August 9,2020

Pathanamthitta, Aug 9 : An orange alert has been issued in Kerala's Pathanamthitta district as the water level in Pamba dam is now flowing at 983.05 metres and it is likely to reach 983.50 metres within an hour.

A red alert will be declared at 984.5 metres and dam will open when the water level reaches 985 metres.

"The water level in Pamba dam is 983.05 metres now and is likely to reach 983.50 metres within an hour. So, the second alert- orange alert has been issued. A red alert will be declared at 984.5 metres and dam will open when it reaches 985 metres," said Pathanamthitta District Collector.

Meanwhile, a portion of the Shiva Temple in Aluva continues to remain submerged. However, the water level in the Periyar River is receding gradually and more part of the temple is above the water level now. 

As Kerala has been receiving heavy rain for the past few days, severe waterlogging affects traffic movement at Mannuthy bypass in Thrissur on Saturday.

On Friday, the India Meteorological Department (IMD) had issued a red alert in Kozhikode district. It had also predicted rainfall in different parts of the state.

Due to heavy downpour, a massive landslide had occurred in Idukki district recently. The death toll in Idukki landslide has risen to 26, Kerala Chief Minister Pinarayi Vijayan said on Saturday.

The Chief Minister said that monsoon fury continues to be severe in the state.

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News Network
April 7,2020

New Delhi, Apr 6: Kerala Governor Arif Mohammad Khan on Monday complimented his counterparts in other states for voluntarily accepting a 30 per cent cut in their salaries and allowances in the fight against coronavirus.

Talking to the news agency over the phone, Khan referred to the announcement in this regard made by the Centre on Monday and said he had already written to President Ram Nath Kovind, asking him to reduce his salary and allowances by 30 per cent.

"It is everyone's duty to do this when the country is fighting the pandemic. Even if it is more than 30 per cent of the salary cut, we have to accept it, he said.

The country is fighting an invisible enemy and it is everybody's duty to contribute to meet the challenge, the governor said.

Khan appreciated the LDF government in Kerala and Chief Minister Pinarayi Vijayan for taking "proactive" measures in containing spread of coronavirus.

"The government is keeping me informed about the measures taken by it and I on my part give them suggestions and ideas to tackle the menace," he said.

In Kerala, "We have a capable and competent government and over 80 per cent of patients in the state are those Indians who returned from abroad or foreigners. The community spread cases are very less, he said.

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News Network
February 4,2020

New Delhi, Feb 4: Miffed over the controversy created by its former Union minister and Uttara Kannada MP Anantkumar Hegde by his remarks against Mahatma Gandhi, the BJP, it was learnt, has issued a show-cause notice to him. The ruling party came under heavy criticism from the opposition over its MP’s remarks. The opposition has demanded a clarification from Prime Minister Narendra Modi over his party MP’s remarks.

Often in news for his controversial remarks, Hegde, sources said, could also be barred from attending the first parliamentary party meeting of the BJP of the budget session, scheduled on Tuesday. The party had taken a similar approach against its Bhopal MP Pragya Thakur during the last winter session for praising Mahatma Gandhi’s killer Nathuram Godse. Though the BJP leadership was earlier of the view that Hegde should tender an apology over his remarks but the party top brass, it was learnt, decided that it was not enough.

The Congress on Monday launched a scathing attack on the central government over the comments of BJP Lok Sabha MP Ananthkumar Hegde on Mahatma Gandhi. The party demanded that Prime Minister Narendra Modi come to Parliament and clarify his position on BJP leader’s “objectionable” remarks.

Congress party spokesman Anand Sharma said, “we can understand that why one after the other senior BJP leaders are insulting the memory of Mahatma Gandhi. They are disparaging the national movement, the freedom struggle because they are ideological descendents of those who were not only non-participants, but, actively opposed the freedom movement.” He further added, “Parliament is in session. We demand that the Prime Minister come to the House and make his position clear. As I have said, feeds that he is unhappy and angry, we are not concerned with that. In the very ideology, mindset, thinking and language of the BJP, there is violence.”

Asserting that the BJP MP’s statement was condemnable, Rajasthan Chief Minister Ashok Gehlot said the leaders of the saffron party could afford to call the freedom movement a drama as they never fought for the country’s independence. “Such statements reveal their true mindset that they use Gandhi's name just for show and have no regard for him,” he said.

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