#TransformingIndia: India is World’s fastest growing economy in the World, Indian economy reaches to $2 trillion mark with 7.9% growth

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India’s Q4 GDP growth rate stood at 7.9% as against 7.3 per cent in October-December. And by this growth rate, India becomes the world’s fastest growing economy.  As the above chart shows, this growth rate is far above any other Country’s economy growth rate.

According to data released by the Central Statistics Office (CSO), the farm sector grew by 2.3 per cent from a year ago compared with a 1.0 per cent contraction in the December quarter. Mining grew 8.6 per cent in the March quarter, up from 7.1 per cent in the previous quarter. Electricity, water and gas production growth surged to 9.3 per cent from 5.6 per cent in the December quarter.

The CSO, in a statement, said that it has revised the GDP data for the first three quarters released earlier from 7.6 per cent, 7.7 per cent and 7.3 per cent to 7.5 per cent, 7.6 per cent and 7.2 per cent, respectively.

Also, the growth of in the “agriculture, forestry and fishing” sector was revised upwards to 1.2 per cent in 2015-16 as against 1.1 per cent in the advance estimates for the same period. “The upward revision is on account of the use of third advance estimates of crop production released by the Ministry of Agriculture,” it said. The manufacturing sector’s growth was also revised downward to 9.3 per cent as against the growth rate of 9.5 per cent estimated earlier due to lower print of industrial output than estimated earlier. “The IIP of manufacturing registered a growth rate of 2 per cent during the whole year of 2015-16, as against the growth rate of 3.9 per cent used for compiling Advance Estimates. Due to this change, the advance estimate growth of ‘manufacturing’ sector has been revised downwards to 9.3 per cent,” it added.

Source: The IndianExpress

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