India retains tag of fastest growing economy; GDP grows 7.7 per cent

New Delhi (dpa) – India’s economy grew by 7.7 per cent in the finalquarter of the 2017-2018 financial year, as the country retained itsplace as the world’s fastest-growing major economy, official datareleased on Thursday showed.
China, by contrast, saw a growth rate of 6.8 per cent in theJanuary-March period. India’s financial year runs from April toMarch.
Year-on-year, Indian gross domestic product grew by 6.7 per cent inthe financial year, the Ministry of Statistics and ProgrammeImplementation said.
India had logged a growth of 7 per cent in the previous quarter, whenit regained the tag of the world’s fastest-growing economy.
The final quarter figures were the highest since the suddenwithdrawal of high currency notes in November 2016 and theimplementation of a new composite tax in July 2017, the Live Mintbusiness daily reported.
The two policy shocks had disrupted the Indian economy to the extentthat growth had fallen to 5.7 per cent in the June 2017 quarter.
The latest figures come as a boost for Premier Narendra Modi’sgovernment as it looks to improve India’s economic performance andjobs situation ahead of general elections next year.