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India’s GDP Grows at 8.2%, Fastest in 2 Years The growth in the world’s sixth largest economy was powered by strong manufacturing activity and robust consumer demand

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INDIA’s economy grew at 8.2% in the period from April to June of 2018 making it the fastest pace of growth in India’s Gross Domestic Product or GDP in two years.

India now leads China and retains its position as the fastest growing economy. China’s economy grew at 6.7 in the same quarter.

The growth in the world’s sixth largest economy was powered by strong manufacturing activity and robust consumer demand, data released by India’s Central Statistics Office showed.

“GDP at constant (2011-12) prices in Q1 of 2018-19 is estimated at `33.74 lakh crore, as against `31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 percent,” the statement said.

India’s $2.6 trillion economy was boosted by growth in the manufacturing sector which grew by 13.5 percent as compared to a growth of -1.8 percent in the first quarter of 2017-18.

The Index of Industrial Production or IIP manufacturing registered a growth rate of 5.2 percent during the first quarter of 2018-19 as compared to 1.6 percent during the first quarter of 2017-18, the statement said.

A poll of economists by Bloomberg and Reuters had forecast a growth of 7.6%. Stock markets had closed lower on Friday ahead of the GDP data release with the BSE Sensex shedding 45 points to close at 38,645.

Analysts and economists are worried about the combined effect of a weakening rupee, rising global trade tensions and growing trade deficit on India’s economy.

Rising global oil prices and a weak rupee have led to inflation worries too.

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