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India's GDP zooms to 8.2% in June quarter, highest in two years

File photo. Photograph:( AFP )

WION Web Team New Delhi, Delhi, India Aug 31, 2018, 05.53 PM (IST)

India's economy reached an impressive 8.2 per cent in the first quarter of 2018-19, reports said on Friday. 

The growth rate has reached a two-year high with the latest performance. 

The GDP growth rate in the last quarter was 7.7 per cent while that in the first quarter of the previous financial year (2017-18) stood at 5.59 per cent.

India's GDP at constant (2011-12) prices in Q1 of 2018-19 is estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 per cent, news agency ANI reported. 

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India had missed the 8 per cent mark earlier in the fourth quarter of FY16 when it recorded 7.9 per cent.

The growth rate exceeded Street expectations, as a Reuters poll of economists had projected it to come at 7.6 per cent. 

The Modi government was earlier criticised in the previous financial year when the GDP had dropped to a three-year low of 5.5 per cent primarily due to the hurdles caused by the imposition of Goods and Services Tax (GST). 

Meanwhile, the Rupee hit an all-time low of 71 against the US dollar on Friday falling by 26 paise, making it the worst performing currency in Asia.