The latest figures, which mark India's highest growth rate in eight quarters, shot up from 5.6 percent for the same period past year and reinforces the nation's status as one of the world's fastest growing economies. The growth figures have beaten the 7.6% estimate based on a Reuters poll forecast.
In the fourth quarter of 2017-18, GDP growth was at 7.7%.
"This is New India of PM Narendra Modi's vision; with a strong, sustained momentum of growth", Information and Broadcasting Minister Rajyavardhan Rathore said on Twitter, leading a drum beat of praise for Modi for his stewardship of the economy. The latest GDP growth figures are markedly higher than those of the Chinese economy which grew at 6.7 per cent rate in the same quarter.
GDP at current prices in Q1 of 2018-19 is estimated at Rs 44.33 lakh crore, as against Rs 38.97 lakh crore in Q1 of 2017-18, showing a growth rate of 13.8 percent. The Gross Domestic Product at constant 2011-'12 prices was estimated at Rs 33.74 lakh crore in April-June, against Rs 31.18 lakh crore in April-June 2017.
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It is reflective of the government's initiative to spur the economy and is a result of the bold reforms undertaken by Modi, he said.
The United States is the world´s top economy, followed by China, Japan and Germany. Economists said a positive feature of the growth dynamics has been the buoyancy in employment-supporting sectors such as construction and manufacturing.
Back in 2015, the Indian government had shifted the base year for GDP calculation from 2004-05 to 2011-12 by updating the goods and services in the basket.
Part of this slowdown can be traced to slower growth in public administration, defence and other services, which largely connote government spending.
"Pay Commission/HRA revisions at the state level, where government employee strength is higher than at the Centre, will also provide a transitory boost to consumption demand", said DK Joshi, chief economist, CRISIL. Manufacturing growth in Q1 2018 had gone into negative territory. The next sector to show the most promise was construction, which grew by 8.7 per cent during the quarter under review as compared to growth of 1.8 per cent in Q1 2017-18.
"We expect RBI to hike rates in March-quarter next year with no changes this year", he said.
Another important metric to watch for private investment - gross fixed capital formation (GFCF) - accounted for 31.6% of GDP during the quarter, higher than 31% in the same period previous year.
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