'India on Fast Track' claims government after 7.2% GDP growth in Q3

BJP President Amit Shah and senior ministers of the NDA government tweeted with the hashtag #IndiaonFastTrack after a sharp uptick in GDP numbers for Q3 of the current financial year. They hailed PM Modi's leadership for the rebound in the economy. 

Showing signs of recovery, the Indian economy recorded a five-quarter high growth of 7.2% in the October-December period on good showing by key sectors like agriculture, construction and manufacturing.

Besides, the data for eight core infrastructure sectors including coal, steel, cement and petroleum, showed improved growth of 6.7% for January, up from 3.4% in same month a year ago. The finance ministry said that the data indicate a broad-based and significant acceleration of real economic activity as projected in the Economic Survey. "...Robust growth in manufacturing and significant acceleration in construction mark a turnaround in the country's economic growth momentum," the ministry said in a statement. According to the chairman of EAC to PM, Bibek Debroy, the economy is on the right track to accelerate and the current expansion in the growth rate in a reflection of the reforms initiated by the government.

He said the growth will pick up further in the upcoming quarter driven by the government's commitment to implement structural reforms and aided by higher growth in the industrial and services sector as well as spending by the Centre. "India is on the right path to become one of the fastest major economy in the World surpassing China," Debroy said. The economy is expected to grow at 6.6% in the current fiscal ending March 31, as per the second advanced estimates of the Central Statistics Office (CSO), compared to 7.1% in 2016-17. The earlier estimate was 6.5%. The growth for the second quarter (July-September) has been revised upwards to 6.5%, from 6.3% estimated earlier by the CSO. The previous high was recorded at 7.5% in the July-September quarter of 2016-17.

This positive data was followed by torrent of tweets from top BJP leaders. They claimed that the GDP figure is a clear indication that Indian economy is on a path of robust growth. Soon #IndiaonFastTrack became top trending topic on Twitter. 

I congratulate PM Shri @narendramodi ji and his team for this remarkable achievement. BJP government under the leadership of PM Modi has become synonymous with development & progress. In Modi era, a New India, with stronger economy, is emerging on the world map. #IndiaonFastTrack

— Amit Shah (@AmitShah) February 28, 2018

India's GDP growth momentum continues strongly & sustainably - jumps to 7.2% in 3rd quarter of 2017-18, makes India the fastest growing large economy in the world. Under leadership of PM @NarendraModi see even stronger economic growth in the future #IndiaonFastTrack

— Piyush Goyal (@PiyushGoyal) February 28, 2018

At a time when the government has received flak for downturn in economy post double whammy of GST and demonetization, it is looking to politically leverage the rebound in the economy. The fact that the eight core sectors have shown improvement in growth is also a much needed boost. So expectedly, leaders hailed the numbers. 

India’s GDP has grown at 7.2% during quarter of Oct-Dec 2017, again proving all the naysayers wrong. This not only makes India the fastest growing large economy in the world, but also suggests even stronger economic performance in the near future. #IndiaOnFastTrack

— Amit Malviya (@malviyamit) February 28, 2018

Under Hon'ble PM Sh. @NarendraModi ji's leadership, the quarterly GDP growth for Oct-Dec 2017 is riding high at 7.2%. The Indian economy is back on a high growth trajectory, outpacing China and making us the fastest growing large economy in the world.#IndiaOnFastTrack

— Jayant Sinha (@jayantsinha) February 28, 2018

India's growth story continues!

GDP has registered a robust growth rate of 7.2% for Q3 2017-18 . #IndiaOnFastTrack under the able leadership of PM Shri @narendramodi ji!

— B.S. Yeddyurappa (@BSYBJP) February 28, 2018

#IndiaOnFastTrack Under leadership of @narendramodi ji, our economy is growing with rocket speed! pic.twitter.com/KyeWcQfGB2

— Maheish Girri (@MaheishGirri) February 28, 2018

India's GDP growth gains momentum, standing at 7.2% in Q3 of 2017-18 #IndiaOnFastTrack https://t.co/cjKSFPNdM9 pic.twitter.com/jGn5FcKHhi

— MyGovIndia (@mygovindia) February 28, 2018

Indian economy continues heading north riding on the consistent performances by agriculture, manufacturing & other sectors.GDP growth of 7.2% in Q3 not only makes India the fastest growing economy in the world, it also suggests a stronger economy in the future.#IndiaOnFastTrack

— Dharmendra Pradhan (@dpradhanbjp) February 28, 2018

India's GDP growth, at 7.2% in Q3 of 2017-18, makes India one of the fastest growing economies in the world. It is an endorsement of the positive outcome of the transformative structural reforms being implemented under PM @narendramodi ji’s visionary leadership. #IndiaOnFastTrack

— Birender Singh (@ChBirenderSingh) February 28, 2018

CII Director General Chandrajit Banerjee said: "The significant improvement in GDP growth, which has accelerated to a robust 7.2% in the third quarter as against 6.5% in the previous quarter is noteworthy and strengthens the perception that the Indian economy is at the threshold of a sustained rebound in growth." The gross valued added (GVA) for manufacturing in the quarter under review grew at 8.9% higher than 6.9% in the previous quarter.

Similarly, the farm sector GVA grew at 4.1% compared to 2.7% in the previous quarter. The construction sector recorded a growth of 6.8%, higher than 2.8% in previous quarter. The services segment including financial services grew at rate of 6.7% up from 6.4% in previous quarter. As per the data, eight core sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had grown by 4.2% in December, and 7.4% in November of the current financial year. Petroleum refinery production spurted 11% in January against a flat output in the year-ago month. Cement output jumped 20.7% in the month against 13.3% contraction in the year-ago period.

Electricity generation growth also fast paced to 8.2% in January against 5.2% in January 2017. Coal sector output improved by 3% and steel production by 3.7% in January 2018. Crude oil production however dropped 3.2%, fertilisers by 1.6% and natural gas by 1% in the month under review. Cumulatively, the growth in the eight core sectors during April-January this fiscal slowed to 4.3% as against 5.1% in the same period last fiscal. The growth in key sectors will have implications for the Index of Industrial Production (IIP) as these eight segments account for about 41% of the total factory output.

With PTI inputs