India's GDP growth slows to 7.1% in Q2 but still ahead of China

CSO recently announced revised growth estimates of the previous Congress-led United Progress Alliance governments.

New Delhi: Indian economy grew at 7.1 percent in the July-September quarter of current fiscal, up from 6.3 percent year ago, official data showed on Friday.

The country's economy grew at lowest in three quarters, but still remained ahead of China to retain the tag of the world's fastest growing major economy. The Chinese economy had expanded at the rate of 6.5 per cent in the July-September period this year.

India clocked more than two-year high of 8.2 percent growth in the previous quarter, the data released by the statistics ministry showed. On Wednesday, the Central Statistics Office announced revised growth estimates that made the Modi administration's record look better than the previous Congress-led United Progress Alliance governments.

The Economic Activities which registered growth of over 7 percent in Q2 of 2018-19 over Q2 of 2017-18 are ‘Manufacturing, ‘Electricity, Gas, Water Supply & Other Utility Services’‘Construction’ and‘Public Administration, Defence and Other Services’.

The growth in the ‘Agriculture, Forestry and Fishing’, ‘Mining and Quarrying’, ‘Trade, Hotels, Transport, Communication and Services related to Broadcasting’ and Financial, Real Estate and Professional Services is estimated to be 3.8 percent, (-) 2.4 percent, 6.8 percent, and 6.3 percent respectively during this period, an official release said.

The size of the GDP in the second quarter of 2018-19 is estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore a year ago, showing a growth rate of 7.1 percent, as per a statement of the Central Statistics Office (CSO).

India's GVA (gross value added) at Constant (2011-2012) Prices for second quarter this fiscal is estimated at Rs 31.40 lakh crore, as against Rs 29.38 lakh crore year ago, showing a growth rate of 6.9 percent over the corresponding quarter of previous year.