India posts 7.7% GDP growth in Q4, highest since demonetisation

New Delhi: Indian economy grew at 7.7 percent during January-March quarter (Q4) of financial year 20171-18 compared to 6.1 percent a year ago, driven by gains in manufacturing and consumer spending, Central Statistics Office data showed on Thursday.

However, the GDP growth for the entire fiscal of 2017-18 was at 6.7%, lower than 7.1 percent in 2016-17. The surge in oil prices has emerged as a major risk factor while the weakening rupee is further adding strain on the imports.

The fourth quarter GDP numbers are the highest since demonetisation and GST roll out.

GDP growth has been increasing continuously every quarter with growth of 7.7% in Q4 of 2017-18. Shows that economy is on right track & set for even higher growth in the future. This is #SahiVikas under leadership of PM Narendra Modi ji & Arun Jaitley ji: Piyush Goyal (file pic) pic.twitter.com/5SrBOTh7ZG

— ANI (@ANI) May 31, 2018

Eight infrastructure industries recorded 4.7 percent growth in April helped by healthy performance in segments like coal, natural gas and cement. The growth rate of eight core sectors, which also include fertilisers and steel, was 2.6 percent in April 2017, according to the data released by the commerce and industry ministry today.

Coal, natural gas, refinery products and cement grew by 16 percent, 7 .4 percent, 2.7 percent, and 16 .6 percent in April this year, respectively. As per the data, growth in the fertiliser production was 4.6 percent and in steel sector it was 3.5 percent in April on yearly basis. Electricity generation increased by 2.2 percent in April this year, over the same month of 2017.

However, crude oil production declined by 0.8 percent in on yearly basis.

(With PTI Inputs)