INDIA remained ahead of China to retain the tag of the world’s fastest growing large economy, withstanding several ups and downs, a spike in oil prices and global trade war-like situation during 2018.The Indian economy’s roller-coaster ride during the year gone by was best captured by the GDP growth, claims Niti Aayog Vice Chairman Rajiv Kumar. In the first quarter of 2018-19 ending June 30, it grew at an impressive 8.2 per cent, after 7.7 per cent in the first three months of the year. Then it slipped to 7.1 per cent in the next quarter ending September 30. Fitch Ratings slashed India’s GDP growth forecast to 7.2 per cent for the current fiscal, from 7.8 per cent projected in September, citing higher financing cost and reduced credit availability. According to Niti Aayog Vice-Chairman Rajiv Kumar, the focus of the government in 2019 will be to expedite reforms with a view to accelerate growth. “India will grow at around 7.8 per cent in the next calendar year and the investment cycle that has already started picking up will gather further strength and we will see more private investments,” Kumar said. India, it may be recalled, accounts for 7.68 percent of total global agricultural output. GDP of Industry sector is $495.62 billion and world rank is 12. In Services sector, India world rank is 11 and GDP is $1185.79 billion. Contribution of Agriculture sector in Indian economy is much higher than world’s average (6.1%).Mar 21, 2017. India’s GDP grows at 8.2 per cent in 2018-19 Q1. As per RBI, India’s economic growth is expected to accelerate to 7.4 percent in the current fiscal year that began in April and will conclude on March 31, 2019. India’s manufacturing activity meanwhile fell to a four-month low in February but remained firmly in the expansion zone as firms raised staffing levels, says The Economic Times.
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