GDP growth confirms economy's turnaround: DEA Secretary

NEW DELHI: Department of Economic Affairs Secretary Subhash Chandra Garg on Friday said the estimated GDP growth of 6.5 per cent for 2017-18 confirmed a 'strong turnaround of the economy'.

“GDP growth of 6.5 percent for 2017-18 implies growth of 7 percent for the second half. This confirms strong turnaround of the economy. Investment growth of almost twice that of last year’s indicates investment is reviving,” Garg tweeted.

As per data released by the Central Statistics Office (CSO) earlier in the day, the growth in GDP during 2017-18 was estimated at 6.5percent, as compared to the growth rate of 7.1per cent in 2016-17. Real GDP at constant (2011-12) prices in the year 2017-18 is likely to attain a level of Rs 129.85 lakh crore, as against the Provisional Estimate of GDP for the year 2016-17 of Rs 121.90 lakh crore, released on May 31, 2017. 

On the other hand, Gross Value Added (GVA) at basic constant prices (2011-12) is anticipated to increase from Rs 111.85 lakh crore in 2016-17 to Rs 118.71 lakh crore in 2017-18. Anticipated growth of real GVA at basic prices in 2017-18 is 6.1percent, as against 6.6 percent in 2016-17, the data revealed.

The sectors which registered growth rate of over 7.0 percent are, public administration, defence and other services, Trade, hotels, transport, communication and services related to broadcasting, electricity, gas, water supply and other utility services and financial, real estate and professional services.

The WPI in respect of the groups - food articles, manufactured products, electricity and all commodities, has risen by 2.0 per cent, 2.6 per cent, 0.4percent and 2.8percent, respectively during April-November2017-18.

Meanwhile, the Consumer Price Index (CPI) has shown a rise of 3.0 per cent during April-November, 2017-18.