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After India on Thursday retained the fastest growing major economy tag; Union Finance Minister Piyush Goyal asserted that nation's economy is on the right track.

India's GDP grew at the fastest pace in seven quarters at 7.7 per cent in January-March.
Following the report on India's economic growth, Goyal told ANI that the nation is now set to achieve even higher growth in the future.

"GDP growth has been increasing continuously every quarter with growth of 7.7 per cent in Q4 of 2017-18. Shows that the economy is on the right track and set for even higher growth in the future," Goyal said.

The minister also hailed and credited Prime Minister Narendra Modi and Finance Minister Arun Jaitley for the development.

"...This is Sahi Vikas under the leadership of PM Narendra Modi ji and Arun Jaitley ji," he tweeted.

The minister further said that an immense growth in the field of manufacturing, agricultural and the construction has also been recorded, while highlighting that the manufacturing and construction areas also provide employment.

The Centre reported Gross Domestic Product (GDP) growth of 7.7 percent in the fourth quarter of FY 2017-18 (at 2011-12 prices).

India's economic expansion at 7.7 per cent was significantly higher than China's 6.8 per cent in the January-March period.

As per data released by the Central Statistics Office (CSO), GDP growth in the fourth quarter was 7.7 percent, as against 5.6 percent, 6.3 percent and 7 percent respectively, in the first three quarters, backed by rapid growth in agriculture (4.5 percent), manufacturing (9.1 percent) and construction sectors (11.5 percent).

According to the provisional estimates of national income, the growth rate of GDP at constant (2011-12) prices for the financial year 2017-18 was estimated at 6.7 percent, while, at the sectoral level, the growth rate of GVA at constant (2011-12) prices for agriculture and allied sectors, industry and services sectors for the year 2017-18 were estimated at 3.4 percent, 5.5 percent, and 7.9 percent respectively.

The 'agriculture, forestry and fishing' sector showed a growth rate of 3.4 per cent as against the previous year's growth rate of 6.3 per cent, while the growth in the 'manufacturing' sector was estimated at 5.7 per cent as against the previous year's growth rate of 7.9 per cent.

The private corporate sector growth (which has a share of over 70 per cent in the manufacturing sector) as estimated from available data of listed companies with BSE and NSE was 9 per cent at current prices during 2017-18.

The sector 'financial, real estate and professional services' grew by 6.6 per cent as against the previous year's growth rate of 6 per cent, a major component of this industry being real estate and professional services. The key indicators of banking, namely, aggregate bank deposits and bank credits showed a growth of 6.7 per cent and 10.3 per cent, respectively, as on March 31 this year.

(ANI)