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Finance Minister Arun Jaitley said in a tweet that the growth represents the potential of new India. It improved from 7.7 per cent in the previous quarter.

Sharing highlights of the GDP data, he said 13.5 per cent growth in the manufacturing sector though on a low base of previous year signals a very good turnaround.

Key Industrialist of the country have praised the growth figures but have also affirmed "cautious optimism" as more reforms are needed to bring consistent growth in the economy. "Reforms and fiscal prudence are serving us well".

India's GDP at constant (2011-12) prices in April to June quarter is estimated at £0.37 trillion, as against £0.34 trillion recorded in the first quarter of the financial year 2017-18, the Indian government said in the data released.

On the other hand, reacting to economic growth stats former Finance Minister and opposition top leaders P Chidambaram said, "Happy that the rate of growth has quickened, but look at the table once again".

India retained its position as the world's fastest growing, large economy by outpacing China which grew 6.7% last quarter.

Principal Economic Adviser in the Ministry of Finance, Sanjeev Sanyal said Saturday that the growth rate will be affected in next reading, but India would remain world's fastest growing major economy, as he countered scepticism over GDP growth rate. Merchandise import growth has slowed because of gold imports, while export growth has also weakened.

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The index of industrial production (IIP)-the broadest approximation to measure activity across India's factories-has grown at 5.2 percent during April-June 2018 compared with 1.9 percent in the same period a year ago.

"IIP manufacturing registered growth rate of 5.2 per cent during Q1 of 2018-19 as compared with 1.6 per cent during Q1 of 2017-18", the statement said.

He added that despite an uncertain worldwide environment and volatile crude oil prices, India's sustained growth reflects its strong resilience to adverse global conditions, because of strong economic fundamentals. The base effect will not be so favourable.

The rise in cement production indicates that construction output is also likely to have grown by over 8% between Apr-June quarter.

However, According to the Livemint, Last year, the first quarter observed an exponential dip in economic growth at 5.6 % as companies cut their stock before the GST roll out on 1st July. While impressive growth performance in agriculture and construction is a welcome trend given the high labour intensity of these sectors, services recording a lower than average growth is an important development, Sen added.

"We expect RBI to hike rates in March-quarter next year with no changes this year", he said.

For instance, the manufacturing sector grew at 13.5% in the June quarter compared to -1.8% past year.


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