India retained the fastest growing major economy tag on Thursday. India’s GDP grew at the fastest pace in seven quarters at 7.7 per cent in January-March.
India’s economic expansion at 7.7 per cent was significantly higher than China’s 6.8 per cent in the January-March period.
Union Finance Minister took to his twitter handle to talk about it. His tweet read, “GDP growth has been increasing continuously every quarter with growth of 7.7% in Q4 of 2017-18. Shows that the economy is on the right track & set for even higher growth in the future. This is the #SahiVikas under leadership of PM @NarendraModi ji & @ArunJaitley ji.”
The minister further said that an immense growth in the field of manufacturing, agricultural and the construction has also been recorded, while highlighting that the manufacturing and construction areas also provide employment.
The sector ‘financial, real estate and professional services’ grew by 6.6 per cent as against the previous year’s growth rate of 6 per cent, a major component of this industry being real estate and professional services. The key indicators of banking, namely, aggregate bank deposits and bank credits showed a growth of 6.7 per cent and 10.3 per cent, respectively, as of March 31 this year.
Image Source – Moneycontrol.com, Zee News