India's GDP zooms to 8.2% in June quarter, highest in two years
India GDP growth
The GDP growth rate in the previous fiscal stood at 6.7 per cent.
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 centwhile 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.
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 5.5per 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 worstperforming currency in Asia.