Commerce Minister Piyush Goyal launched a sharp attack on economists and critics questioning India’s latest GDP figures, which came in above the Reserve Bank of India’s estimate. Goyal said the record economic growth reflected the hard work of 140 crore Indians and should not be dismissed by comparing figures from different GDP series.&nbsp;"A few jobless people call themselves economists and appear on TV channels to harm the country. Do not fall for this," Goyal said.&nbsp;This comes as India recorded GDP growth of 7.8% in the April to June 2026 quarter, according to government data released on Tuesday, topping estimates by the Reserve Bank of India (RBI) and other agencies.&nbsp;However, the figure sparked a debate over the government’s revised GDP series. Critics have argued that first quarter growth would have been around 2.6% if last year’s GDP had not been revised downward.&nbsp;Former finance secretary Subhash Chandra Garg questioned the data in an interview with a television news channel. Garg argued that revisions to GDP at current prices had made the latest growth figure appear stronger.&nbsp;"The 7.8 per cent looks impressive on the face of it, but we should get into the reality of it," Garg said. "The current-price GDP last year was ₹86 trillion. This has been revised down to ₹80 trillion... If you had not revised last year's GDP, the growth in current prices would have been only 2.6 per cent," Subhash Chandra Garg told NDTV.&nbsp;The Opposition seized on Garg’s remarks and criticised the Narendra Modi-led central government over the revision.&nbsp;"Subhash Garg has punctured the government’s tall claims of 7.8% GDP growth, arguing that India’s real GDP growth is closer to 2.6%. His contention is even more damning: the previous year’s GDP growth was revised downward, making this year’s growth rate look stronger by comparison," Rajya Sabha member and Congress spokesperson Pawan Khera said on X.&nbsp;Also Read: <a href="https://www.wionews.com/world/xi-jinping-urges-middle-east-nations-to-reject-external-interference-seek-new-security-architecture-1788367177952">Xi Jinping urges Middle East nations to reject ‘external’ interference, seek new ‘security architecture’</a><h3>Goyal hits back at critics</h3>Responding to the allegations, Goyal said ministers from the concerned ministry do not manufacture economic data. He accused critics with a negative mindset of undermining themselves and urged the Opposition and others to stop "betraying" people by distorting the truth.&nbsp;"Record growth of 7.8% is something that no other country has been able to replicate. This is the capability, hard work, and joint effort of 140 crore people in the country. Due to this, India has emerged as a globally trusted partner. PM Modi has led the country with farsightedness," Goyal said.&nbsp;Goyal also accused Opposition leaders of trying to present the Indian economy in a negative light.&nbsp;"A few Opposition leaders who want to see India as 'a dead economy' will fail once again, just like they have failed again and again. India will continue to grow rapidly under the leadership of PM Modi," Goyal said while speaking to reporters at an event.

Piyush Goyal hit back at critics questioning India’s 7.8% GDP growth, dismissing claims that revisions to the GDP series made the latest figure look stronger.

Commerce Minister Piyush Goyal launched a sharp attack on economists and critics questioning India’s latest GDP figures, which came in above the Reserve Bank of India’s estimate. Goyal said the record economic growth reflected the hard work of 140 crore Indians and should not be dismissed by comparing figures from different GDP series. "A few jobless people call themselves economists and appear on TV channels to harm the country. Do not fall for this," Goyal said. This comes as India recorded GDP growth of 7.8% in the April to June 2026 quarter, according to government data released on Tuesday, topping estimates by the Reserve Bank of India (RBI) and other agencies. However, the figure sparked a debate over the government’s revised GDP series. Critics have argued that first quarter growth would have been around 2.6% if last year’s GDP had not been revised downward. Former finance secretary Subhash Chandra Garg questioned the data in an interview with a television news channel. Garg argued that revisions to GDP at current prices had made the latest growth figure appear stronger. "The 7.8 per cent looks impressive on the face of it, but we should get into the reality of it," Garg said. "The current-price GDP last year was ₹86 trillion. This has been revised down to ₹80 trillion... If you had not revised last year's GDP, the growth in current prices would have been only 2.6 per cent," Subhash Chandra Garg told NDTV. The Opposition seized on Garg’s remarks and criticised the Narendra Modi-led central government over the revision. "Subhash Garg has punctured the government’s tall claims of 7.8% GDP growth, arguing that India’s real GDP growth is closer to 2.6%. His contention is even more damning: the previous year’s GDP growth was revised downward, making this year’s growth rate look stronger by comparison," Rajya Sabha member and Congress spokesperson Pawan Khera said on X. Also Read: Xi Jinping urges Middle East nations to reject ‘external’ interference, seek new ‘security architecture’ Goyal hits back at critics Responding to the allegations, Goyal said ministers from the concerned ministry do not manufacture economic data. He accused critics with a negative mindset of undermining themselves and urged the Opposition and others to stop "betraying" people by distorting the truth. "Record growth of 7.8% is something that no other country has been able to replicate. This is the capability, hard work, and joint effort of 140 crore people in the country. Due to this, India has emerged as a globally trusted partner. PM Modi has led the country with farsightedness," Goyal said. Goyal also accused Opposition leaders of trying to present the Indian economy in a negative light. "A few Opposition leaders who want to see India as 'a dead economy' will fail once again, just like they have failed again and again. India will continue to grow rapidly under the leadership of PM Modi," Goyal said while speaking to reporters at an event.

Piyush Goyal hit back at critics questioning India’s 7.8% GDP growth, dismissing claims that revisions to the GDP series made the latest figure look stronger.

‘A few jobless people’: Piyush Goyal slams economists questioning India’s 7.8% GDP growth

India has fallen below the United Kingdom (UK), slipping to being the sixth-largest economy with an estimated GDP size of $4.15 trillion, below the UK’s $4.26 trillion in fiscal years 2026-27. The updates followed after the International Monetary Fund (IMF) on April 14 raised the real GDP growth forecast of India for FY27 to 6.5 per cent, and domestic estimates predicted a real growth of 7.4 per cent in FY26. The drop in global ranking is likely linked to a recent revision of the base year, which lowered its nominal GDP estimates. The weakening rupee has also contributed to the decline in India’s ranking.<h3>Has India’s 4th-largest economy's goal been delayed?</h3>India’s GDP stood at $3.92 trillion in 2025, falling slightly behind the UK’s $4 trillion. As a result, expectations of India surpassing Japan to become the fourth-largest economy in 2025 have been pushed back. Updated government data released in February shows nominal GDP revised down from Rs 357 lakh crore to Rs 345.5 lakh crore under the new series. At an average exchange rate of Rs 87 per dollar for FY26, India’s GDP in dollar terms remains below the $4 trillion mark. India is now projected to overtake Germany by 2031, two years later than earlier IMF estimates. However, in domestic terms, the economy recorded a strong compound annual growth rate of 8.56 per cent between 2021 and 2025, marking the fastest growth among major economies. “The change in the rank reflects a new base year of GDP where nominal GDP is lower than the old base GDP by 4 per cent. Further, the rupee depreciated against the dollar by 11 per cent in FY26. The combination resulted in the GDP ranking revision,” Gaura Sengupta, chief economist, IDFC First Bank. Meanwhile, Chief Economic Advisor to the government of India V Anantha Nageswaran has earlier said that India is likely to cross the $4 trillion-mark comfortably in 2026-27 based on recent projections; however, relative global rankings will depend on external factors.&nbsp;Also read: <a href="https://www.wionews.com/india-news/india-s-future-nuclear-sector-talent-to-be-trained-by-russia-s-rosatom-iit-b-1776261850853">India's future nuclear sector talent to be trained by Russia's Rosatom &amp; IIT-B</a>

The drop in global ranking is likely linked to a recent revision of the base year, which lowered its nominal GDP estimates. The weakening rupee has also contributed to the decline in India’s ranking.

India has fallen below the United Kingdom (UK), slipping to being the sixth-largest economy with an estimated GDP size of $4.15 trillion, below the UK’s $4.26 trillion in fiscal years 2026-27. The updates followed after the International Monetary Fund (IMF) on April 14 raised the real GDP growth forecast of India for FY27 to 6.5 per cent, and domestic estimates predicted a real growth of 7.4 per cent in FY26. The drop in global ranking is likely linked to a recent revision of the base year, which lowered its nominal GDP estimates. The weakening rupee has also contributed to the decline in India’s ranking. Has India’s 4th-largest economy's goal been delayed? India’s GDP stood at $3.92 trillion in 2025, falling slightly behind the UK’s $4 trillion. As a result, expectations of India surpassing Japan to become the fourth-largest economy in 2025 have been pushed back. Updated government data released in February shows nominal GDP revised down from Rs 357 lakh crore to Rs 345.5 lakh crore under the new series. At an average exchange rate of Rs 87 per dollar for FY26, India’s GDP in dollar terms remains below the $4 trillion mark. India is now projected to overtake Germany by 2031, two years later than earlier IMF estimates. However, in domestic terms, the economy recorded a strong compound annual growth rate of 8.56 per cent between 2021 and 2025, marking the fastest growth among major economies. “The change in the rank reflects a new base year of GDP where nominal GDP is lower than the old base GDP by 4 per cent. Further, the rupee depreciated against the dollar by 11 per cent in FY26. The combination resulted in the GDP ranking revision,” Gaura Sengupta, chief economist, IDFC First Bank. Meanwhile, Chief Economic Advisor to the government of India V Anantha Nageswaran has earlier said that India is likely to cross the $4 trillion-mark comfortably in 2026-27 based on recent projections; however, relative global rankings will depend on external factors. Also read: India's future nuclear sector talent to be trained by Russia's Rosatom & IIT-B

The drop in global ranking is likely linked to a recent revision of the base year, which lowered its nominal GDP estimates. The weakening rupee has also contributed to the decline in India’s ranking.

India slips to 6th largest economy, falls behind UK despite strong growth outlook: Here's why

Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey in Parliament which forecasts that economic growth will pick up to 6.0% to 6.5% in the fiscal year beginning April 1 but warned it may have to miss its deficit target to revive growth.

This year's Economic Survey comes at a time when India is staring at an estimated 5 per cent annual rate of expansion - the slowest pace since 2009.&nbsp;

The Economic Survey, a detailed report card on the economic performance in the past year released a day before the Union Budget is presented by the Finance Minister in Parliament.

The&nbsp;Survey&nbsp;provides an authoritative, detailed and official annual summary of the current state of the Indian&nbsp;economy&nbsp;which will act as a policy guideline to the Union Budget.

Earlier at 11 am, President Ram Nath Kovind inaugurated the Budget session by speaking to a joint sitting of both Houses of Parliament at, outlining the government's policies this year.

Here are the key takeaways from Economic Survey:

Economic Survey puts current fiscal year 2019-20's growth rate at 5%.

Economic Survey projects economic growth at 6-6.5% in fiscal year starting April 1.

International sentiment continues to favour Indian Economy. Economic Survey suggests a need for counter-cyclical fiscal steps to boost demand. Economic Survey also adds a relaxing fiscal gap target to revive growth. 
 
The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions.

Economic Survey suggests new ideas for manufacturing such as 'assemble in India for the world' which will create jobs.

Removing the red tape: At ports to promote exports as well as measures for easing the start of business, register property, pay taxes and enforcing contracts.

Economic Survey called for improving governance in public sector banks and the need for more disclosure of information to build trust. It also talks about dwarfism in the banking sector.

Economic Survey advocates 10 new ideas that benefit markets as well as the economy.

(With inputs from PTI)

Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey in Parliament which forecasts that economic growth will pick up to 6.0% to 6.5% in the fiscal year beginning April 1 but warned it may have to miss its deficit target to revive growth.

Finance Minister Nirmala Sitharaman on Friday tabled the Economic Survey in Parliament which forecasts that economic growth will pick up to 6.0% to 6.5% in the fiscal year beginning April 1 but warned it may have to miss its deficit target to revive growth. This year's Economic Survey comes at a time when India is staring at an estimated 5 per cent annual rate of expansion - the slowest pace since 2009. The Economic Survey, a detailed report card on the economic performance in the past year released a day before the Union Budget is presented by the Finance Minister in Parliament. The Survey provides an authoritative, detailed and official annual summary of the current state of the Indian economy which will act as a policy guideline to the Union Budget. Earlier at 11 am, President Ram Nath Kovind inaugurated the Budget session by speaking to a joint sitting of both Houses of Parliament at, outlining the government's policies this year. Here are the key takeaways from Economic Survey: Economic Survey puts current fiscal year 2019-20's growth rate at 5%. Economic Survey projects economic growth at 6-6.5% in fiscal year starting April 1. International sentiment continues to favour Indian Economy. Economic Survey suggests a need for counter-cyclical fiscal steps to boost demand. Economic Survey also adds a relaxing fiscal gap target to revive growth. The Survey said government interventions seem to be ineffective in stabilising prices of commodities such as onions. Economic Survey suggests new ideas for manufacturing such as 'assemble in India for the world' which will create jobs. Removing the red tape: At ports to promote exports as well as measures for easing the start of business, register property, pay taxes and enforcing contracts. Economic Survey called for improving governance in public sector banks and the need for more disclosure of information to build trust. It also talks about dwarfism in the banking sector. Economic Survey advocates 10 new ideas that benefit markets as well as the economy. (With inputs from PTI)

Finance Minister Nirmala Sitharaman tables Economic Survey in Parliament; GDP growth projected at 6-6.5% for 2020-21

Equity markets witnessed profit booking on Friday amid expectations of slower GDP numbers for the September quarter and weak global cues.

Investors also tracked trends after the passage of the <a href="https://www.wionews.com/.../draped-in-us-flag-protestors-stage-thanksgiving -rally-after-trump-signs-hong-kong-democracy-act-265122">Hong Kong pro-democracy bill</a> in Washington that could derail trade talks between the United States and China.

At the closing bell, the BSE S&amp;P Sensex was down by 336 points or 0.82 per cent to 40,704. The Nifty 50 tumbled down by 95 points or 0.78 per cent at 12,056.

All sectoral indices at the National Stock Exchange were in the red except for Nifty realty which was up by 0.98 per cent. But Nifty media was down by 2.4 per cent, PSU bank by 1.7 per cent metal by 1.2 per cent, auto by 1.1 per cent and FMCG by 0.9 per cent.

Among stocks, metal majors Hindalco and Vedanta lost by 2.1 per cent each while Tata Motors dived by 2.3 per cent.

The other prominent losers were Mahindra &amp; Mahindra, Hindustan Lever, Dr Reddy's, Yes Bank and State Bank of India.

However, Bharti Infratel continued to climb up and added gains of 6.7 per cent at Rs 273.80 per share while Bharti Airtel was up by 1.1 per cent. Adani Ports, utility major NTPC and HDFC Bank were also in the green.

Meanwhile, Asian markets slipped as investors turned cautious, fearing a new US law backing Hong Kong protesters could put hurdles in efforts to end the US-China trade conflict.

Hong Kong led the losses, dropping by 2 per cent while South Korean shares lost by 1.4 per cent and Japan's Nikkei eased by 0.5 per cent.

Equity markets witnessed profit booking on Friday amid expectations of slower GDP numbers for the September quarter and weak global cues. Investors also tracked trends after the passage of the Hong Kong pro-democracy bill in Washington that could derail trade talks between the United States and China.

Equity markets witnessed profit booking on Friday amid expectations of slower GDP numbers for the September quarter and weak global cues. Investors also tracked trends after the passage of the Hong Kong pro-democracy bill in Washington that could derail trade talks between the United States and China. At the closing bell, the BSE S&P Sensex was down by 336 points or 0.82 per cent to 40,704. The Nifty 50 tumbled down by 95 points or 0.78 per cent at 12,056. All sectoral indices at the National Stock Exchange were in the red except for Nifty realty which was up by 0.98 per cent. But Nifty media was down by 2.4 per cent, PSU bank by 1.7 per cent metal by 1.2 per cent, auto by 1.1 per cent and FMCG by 0.9 per cent. Among stocks, metal majors Hindalco and Vedanta lost by 2.1 per cent each while Tata Motors dived by 2.3 per cent. The other prominent losers were Mahindra & Mahindra, Hindustan Lever, Dr Reddy's, Yes Bank and State Bank of India. However, Bharti Infratel continued to climb up and added gains of 6.7 per cent at Rs 273.80 per share while Bharti Airtel was up by 1.1 per cent. Adani Ports, utility major NTPC and HDFC Bank were also in the green. Meanwhile, Asian markets slipped as investors turned cautious, fearing a new US law backing Hong Kong protesters could put hurdles in efforts to end the US-China trade conflict. Hong Kong led the losses, dropping by 2 per cent while South Korean shares lost by 1.4 per cent and Japan's Nikkei eased by 0.5 per cent.

Sensex falls by 336 points ahead of GDP data

The Reserve Bank of India(RBI) today cut repo rate for the third consecutive time this year to 5.75 per cent from the current 6 per cent amid falling economic growth and uncertain global scenario.

The central bank changed its policy stance to accommodative&nbsp;from neutral.

The RBI cut interest rates by 0.25 per cent. India's central bank also cut GDP growth forecast for FY20 from 7.2 per cent to 7 per cent.

"The MPC (monetary policy committee) notes that growth impulses have weakened significantly, a sharp slowdown in investment activity along with a continuing moderation in private consumption growth is a matter of concern," the policy resolution said.&nbsp;

The central bank&nbsp;raised inflation projection to 3-3.1 per cent for April-September.&nbsp;

The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das concluded its second meeting for the fiscal year 2019-20. On February 7 and April 4, the central bank had reduced the key lending rate by 25 basis points to infuse liquidity and push growth.

Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans.

India's economy grew just 6.8 per cent in 2018-19, according to government data. In the fourth quarter (January to March), the growth dipped to 5.8 per cent, marking a five-year low.

The Reserve Bank of India(RBI) today cut repo rate for the third consecutive time this year to 5.75 per cent from the current 6 per cent amid falling economic growth and uncertain global scenario.

The Reserve Bank of India(RBI) today cut repo rate for the third consecutive time this year to 5.75 per cent from the current 6 per cent amid falling economic growth and uncertain global scenario. The central bank changed its policy stance to accommodative from neutral. The RBI cut interest rates by 0.25 per cent. India's central bank also cut GDP growth forecast for FY20 from 7.2 per cent to 7 per cent. "The MPC (monetary policy committee) notes that growth impulses have weakened significantly, a sharp slowdown in investment activity along with a continuing moderation in private consumption growth is a matter of concern," the policy resolution said. The central bank raised inflation projection to 3-3.1 per cent for April-September. The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das concluded its second meeting for the fiscal year 2019-20. On February 7 and April 4, the central bank had reduced the key lending rate by 25 basis points to infuse liquidity and push growth. Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans. India's economy grew just 6.8 per cent in 2018-19, according to government data. In the fourth quarter (January to March), the growth dipped to 5.8 per cent, marking a five-year low.

RBI cuts repo rates to boost growth; lowers GDP growth forecast to 7% in FY20

In signs of the Indian economy losing steam ahead of the general elections, GDP growth slowed to a five-quarter low of 6.6 per cent in October-December on the back of lower farm and manufacturing growth and weaker consumer demand, government data showed Thursday.

Also, economic growth estimate for the current fiscal year ending March 31 has been revised downwards to 7 per cent from the earlier estimate of 7.2 per cent. This is the lowest growth in the last five years.

However, the third quarter growth rate, which was lower than the revised estimate of 7 per cent in the previous quarter and 8 per cent in April-June, was faster than China's 6.4 per cent growth for the three months to December 2018. India thus retains its tag of the world's fastest-growing major economy.

Data from the Central Statistics Office (CSO) showed slower consumer spending at 8.4 per cent as compared to 9.9 per cent in the previous quarter. Farm sector growth slowed to 2.7 per cent from 4.2 per cent in Q2 and 4.6 per cent in Q1.

The Reserve Bank of India (RBI) had earlier this month cut the key interest rate by 25 basis points and changed its policy stance to "neutral" from "calibrated tightening", saying the shift provides flexibility and room to address challenges to the sustained growth of the Indian economy over the coming months.

Parallelly, eight core infrastructure industries' growth in January declined to a 19-month low of 1.8 per cent (December 2018: 2.7 per cent, January 2018: 6.2 per cent) on contraction in refinery products and electricity. Electricity sector, which last witnessed a contraction in February 2013, posted a growth of (-) 0.4 per cent in January -- the lowest in the last 71 months.

Devendra Kumar Pant, chief economist at India Ratings, said size of the economy (nominal GDP) in FY19 is now estimated at Rs 190.54 lakh crore compared to Rs 188.41 lakh crore, which "will help government to achieve fiscal deficit/GDP target for FY19 even though the fiscal deficit till January 2019 is 121.5 per cent of FY19 (revised estimate)."

FY19 GDP growth at 7 per cent "indicates that the economy is losing steam," he said, adding the GDP growth in Q4 has to be 6.5 per cent to attain overall 7 per cent growth in FY19. "This on the face of it looks plausible; however, unless exports in Q4 grow 14 per cent, attaining 7 per cent growth will be difficult."

According to CSO, while agriculture is estimated to grow at 2.7 per cent, manufacturing growth is expected to accelerate to 8.1 per cent in 2018-19. However, trade, hotel and transportation sector growth is expected to decelerate to 6.8 per cent during the year.

The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 7.7 per cent in the October-December quarter of the previous financial year. The growth rate was revised upwardly from 7 per cent.

"GDP at Constant Prices in Q3 of 2018-19 is estimated at Rs 35 lakh crore, as against Rs 32.85 lakh crore in Q3 of 2017-18, showing a growth rate of 6.6 per cent," the CSO said.

The CSO also revised GDP growth figures for April-June and July-September quarters of this fiscal to 8 per cent and 7 per cent from 8.2 per cent and 7.1 per cent.

The GDP growth rates for April-June and July-September of last fiscal were also revised to 6 per cent and 6.8 per cent from 5.6 per cent and 6.3 per cent, respectively.

"Declining trend in core sector growth from October 2018 suggests continued weakness in industrial activities and a weak second half economic growth. Expect a low industrial growth in the month of January 2019," Pant added.

During the third quarter of this fiscal, the gross value added (GVA) of the farm sector grew at 2.7 per cent compared to 4.6 per cent a year ago.

Similarly, mining and quarrying growth slipped to 1.3 per cent from 4.5 per cent. The manufacturing sector also grew at a lower rate of 6.7 per cent in the third quarter compared to 8.6 per cent earlier.

In its second advance estimates for this fiscal, the CSO said farm sector GVA will grow at 2.7 per cent in 2018-19 compared to 5 per cent a year ago.

Mining and quarrying growth for the full fiscal has been estimated at 1.2 per cent as against 5.1 per cent in 2017-18.

However, it estimated that manufacturing growth would be higher at 8.1 per cent compared to 5.9 per cent in the previous financial year.

Meanwhile, the per capita income in real terms (at 2011-12 prices) during 2018-19 is likely to grow to Rs 92,718 as compared to Rs 87,623 for 2017-18. The growth rate in per capita income is estimated at 5.8 percent during 2018-19, as against 5.7 per cent in the previous year.

The Gross Fixed Capital Formation (GFCF), an indicator of investment, at current prices is estimated at Rs 55.02 lakh crore in 2018-19 as against Rs 48.97 lakh crore in 2017-18.

At constant prices (2011-12), the GFCF is estimated at Rs 45.50 lakh crore in 2018-19 as against Rs 41.37 lakh crore in 2017-18.

In terms of GDP, the rates of GFCF at current and constant prices during 2018-19 are estimated at 28.9 per cent and 32.3 per cent, as against 28.6 per cent and 31.4 per cent in 2017-18. The GFCF is expected to register a growth of 12.4 per cent at current prices and 10 per cent at constant prices during 2018-19.

In signs of the Indian economy losing steam ahead of the general elections, GDP growth slowed to a five-quarter low of 6.6 per cent in October-December on the back of lower farm and manufacturing growth and weaker consumer demand, government data showed Thursday.

In signs of the Indian economy losing steam ahead of the general elections, GDP growth slowed to a five-quarter low of 6.6 per cent in October-December on the back of lower farm and manufacturing growth and weaker consumer demand, government data showed Thursday. Also, economic growth estimate for the current fiscal year ending March 31 has been revised downwards to 7 per cent from the earlier estimate of 7.2 per cent. This is the lowest growth in the last five years. However, the third quarter growth rate, which was lower than the revised estimate of 7 per cent in the previous quarter and 8 per cent in April-June, was faster than China's 6.4 per cent growth for the three months to December 2018. India thus retains its tag of the world's fastest-growing major economy. Data from the Central Statistics Office (CSO) showed slower consumer spending at 8.4 per cent as compared to 9.9 per cent in the previous quarter. Farm sector growth slowed to 2.7 per cent from 4.2 per cent in Q2 and 4.6 per cent in Q1. The Reserve Bank of India (RBI) had earlier this month cut the key interest rate by 25 basis points and changed its policy stance to "neutral" from "calibrated tightening", saying the shift provides flexibility and room to address challenges to the sustained growth of the Indian economy over the coming months. Parallelly, eight core infrastructure industries' growth in January declined to a 19-month low of 1.8 per cent (December 2018: 2.7 per cent, January 2018: 6.2 per cent) on contraction in refinery products and electricity. Electricity sector, which last witnessed a contraction in February 2013, posted a growth of (-) 0.4 per cent in January -- the lowest in the last 71 months. Devendra Kumar Pant, chief economist at India Ratings, said size of the economy (nominal GDP) in FY19 is now estimated at Rs 190.54 lakh crore compared to Rs 188.41 lakh crore, which "will help government to achieve fiscal deficit/GDP target for FY19 even though the fiscal deficit till January 2019 is 121.5 per cent of FY19 (revised estimate)." FY19 GDP growth at 7 per cent "indicates that the economy is losing steam," he said, adding the GDP growth in Q4 has to be 6.5 per cent to attain overall 7 per cent growth in FY19. "This on the face of it looks plausible; however, unless exports in Q4 grow 14 per cent, attaining 7 per cent growth will be difficult." According to CSO, while agriculture is estimated to grow at 2.7 per cent, manufacturing growth is expected to accelerate to 8.1 per cent in 2018-19. However, trade, hotel and transportation sector growth is expected to decelerate to 6.8 per cent during the year. The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 7.7 per cent in the October-December quarter of the previous financial year. The growth rate was revised upwardly from 7 per cent. "GDP at Constant Prices in Q3 of 2018-19 is estimated at Rs 35 lakh crore, as against Rs 32.85 lakh crore in Q3 of 2017-18, showing a growth rate of 6.6 per cent," the CSO said. The CSO also revised GDP growth figures for April-June and July-September quarters of this fiscal to 8 per cent and 7 per cent from 8.2 per cent and 7.1 per cent. The GDP growth rates for April-June and July-September of last fiscal were also revised to 6 per cent and 6.8 per cent from 5.6 per cent and 6.3 per cent, respectively. "Declining trend in core sector growth from October 2018 suggests continued weakness in industrial activities and a weak second half economic growth. Expect a low industrial growth in the month of January 2019," Pant added. During the third quarter of this fiscal, the gross value added (GVA) of the farm sector grew at 2.7 per cent compared to 4.6 per cent a year ago. Similarly, mining and quarrying growth slipped to 1.3 per cent from 4.5 per cent. The manufacturing sector also grew at a lower rate of 6.7 per cent in the third quarter compared to 8.6 per cent earlier. In its second advance estimates for this fiscal, the CSO said farm sector GVA will grow at 2.7 per cent in 2018-19 compared to 5 per cent a year ago. Mining and quarrying growth for the full fiscal has been estimated at 1.2 per cent as against 5.1 per cent in 2017-18. However, it estimated that manufacturing growth would be higher at 8.1 per cent compared to 5.9 per cent in the previous financial year. Meanwhile, the per capita income in real terms (at 2011-12 prices) during 2018-19 is likely to grow to Rs 92,718 as compared to Rs 87,623 for 2017-18. The growth rate in per capita income is estimated at 5.8 percent during 2018-19, as against 5.7 per cent in the previous year. The Gross Fixed Capital Formation (GFCF), an indicator of investment, at current prices is estimated at Rs 55.02 lakh crore in 2018-19 as against Rs 48.97 lakh crore in 2017-18. At constant prices (2011-12), the GFCF is estimated at Rs 45.50 lakh crore in 2018-19 as against Rs 41.37 lakh crore in 2017-18. In terms of GDP, the rates of GFCF at current and constant prices during 2018-19 are estimated at 28.9 per cent and 32.3 per cent, as against 28.6 per cent and 31.4 per cent in 2017-18. The GFCF is expected to register a growth of 12.4 per cent at current prices and 10 per cent at constant prices during 2018-19.

India GDP growth slows to five-quarter low of 6.6% in Q3, still fastest in the world 

The BSE Sensex surged almost 276 points to end above the key 35,000-mark on Wednesday even as the RBI hiked the policy rate by 0.25 per cent on inflation concerns.

However, the RBI retained the GDP growth forecast for 2018-19 at 7.4 per cent on hopes of further boost to investments and higher consumption.

The central bank hiked the benchmark lending rate for the first time in four-and-half-years on inflation concerns arising from a surge in international oil prices.&nbsp

The repo rate now stands at 6.25 per cent.&nbsp

The BSE Sensex, which opened strong at 34,932.49, fell after RBI's policy announcement but soon recovered to touch the day's high of 35,230.54.&nbsp

It finally ended at 35,178.88, up 275.67 points, or 0.79 per cent.&nbsp

The gauge had lost 419.17 points in the previous three sessions.

On similar lines, the NSE Nifty, after shuttling between 10,698.35 and 10,587.50, finished the session 91.50 points, or 0.86 per cent higher at 10,684.65.&nbsp

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 474.33 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 157.51 crore yesterday, as per provisional data.&nbsp

The central bank hiked the benchmark lending rate for the first time in four-and-half-years on inflation concerns arising from a surge in international oil prices.

The BSE Sensex surged almost 276 points to end above the key 35,000-mark on Wednesday even as the RBI hiked the policy rate by 0.25 per cent on inflation concerns. However, the RBI retained the GDP growth forecast for 2018-19 at 7.4 per cent on hopes of further boost to investments and higher consumption. The central bank hiked the benchmark lending rate for the first time in four-and-half-years on inflation concerns arising from a surge in international oil prices. The repo rate now stands at 6.25 per cent. The BSE Sensex, which opened strong at 34,932.49, fell after RBI's policy announcement but soon recovered to touch the day's high of 35,230.54. It finally ended at 35,178.88, up 275.67 points, or 0.79 per cent. The gauge had lost 419.17 points in the previous three sessions. On similar lines, the NSE Nifty, after shuttling between 10,698.35 and 10,587.50, finished the session 91.50 points, or 0.86 per cent higher at 10,684.65. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 474.33 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 157.51 crore yesterday, as per provisional data.

Sensex soars 276 pts even as RBI hikes rate