India's Q1 GDP growth at 7%, growth tops that of China
Advertisement
India’s Gross Domestic Product (GDP), which was seen at 7.5%, grew at 7% in the first quarter of the current fiscal.
As the method has changed, India's growth topped that of China in the first quarter this year.
However, India’s manufacturing growth slowed down to 7.2% versus 8.4% YoY and agricultural growth also slowed down to 1.9% versus 2.6% YoY.
The government said that the GDP at constant (2011-12) prices in Q1 of 2015-16 is estimated at Rs 27.13 lakh crore, as against Rs 25.35 lakh crore in Q1 of 2014-15, showing a growth rate of 7.0%.
“Quarterly GVA at Basic Price at constant (2011-2012) prices for Q1 of 2015-16 is estimated at Rs 25.80 lakh crore, as against Rs 24.10 lakh crore in Q1 of 2014-15, showing a growth rate of 7.1 per cent over the corresponding quarter of previous year," the government release said.
The country’s fiscal deficit was Rs 3.85 lakh crore ($57.93 billion) during April-July, or 69.3% of the full-year target. As per the data, the deficit was 61.2% during the same period a year ago.
FDI are up 30% from a year earlier.
Net tax receipts were at Rs 1.54 lakh crore in the first four months of the current fiscal year that ends in March 2016.
India has a good opportunity to get more investments as it has a large domestic market and cheap workforce.
Meanwhile, India has pitched for rating upgrade by Standard and Poor's citing strong macroeconomic indicators, low inflation and improvement in fiscal as well as current account deficits.
S&P has BBB- rating on India with stable outlook.
Advertisement
As the method has changed, India's growth topped that of China in the first quarter this year.
However, India’s manufacturing growth slowed down to 7.2% versus 8.4% YoY and agricultural growth also slowed down to 1.9% versus 2.6% YoY.
The government said that the GDP at constant (2011-12) prices in Q1 of 2015-16 is estimated at Rs 27.13 lakh crore, as against Rs 25.35 lakh crore in Q1 of 2014-15, showing a growth rate of 7.0%.
“Quarterly GVA at Basic Price at constant (2011-2012) prices for Q1 of 2015-16 is estimated at Rs 25.80 lakh crore, as against Rs 24.10 lakh crore in Q1 of 2014-15, showing a growth rate of 7.1 per cent over the corresponding quarter of previous year," the government release said.
The country’s fiscal deficit was Rs 3.85 lakh crore ($57.93 billion) during April-July, or 69.3% of the full-year target. As per the data, the deficit was 61.2% during the same period a year ago.
Advertisement
Net tax receipts were at Rs 1.54 lakh crore in the first four months of the current fiscal year that ends in March 2016.
India has a good opportunity to get more investments as it has a large domestic market and cheap workforce.
Meanwhile, India has pitched for rating upgrade by Standard and Poor's citing strong macroeconomic indicators, low inflation and improvement in fiscal as well as current account deficits.
S&P has BBB- rating on India with stable outlook.
Advertisement
Advertisement
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- India Inc marks slowest quarterly revenue growth in January-March 2024: Crisil
- Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999
- SC refuses to plea seeking postponement of CA exams scheduled in May
- 10 exciting weekend getaways from Delhi within 300 km in 2024
- Foreign tourist arrivals in India will cross pre-pandemic level in 2024