The uptick in GDP figure is supported by the buoyancy in the industrial production data in the fourth quarter.The core sector witnessed a growth of 4.7 % in April compared to 4.4 % in March.
Garg said the GDP growth for the whole year at 6.7 per cent was revised upward from 6.6 per cent in the earlier estimate.
Showing signs of fully coming out of the shadows of demonetisation and Goods and Services Tax (GST), India's GDP for the fourth quarter of 2017-18 grew at 7.7 per cent, while for the full financial year 2017-18 it touched 6.7 per cent, official data showed here on Thursday.
Finance secretary Hasmukh Adhia said, "The constant increasing trend of quarterly GDP numbers in 2017-18 indicates that the structural measures of reforms undertaken by government is now bringing rich dividends in the form of higher GDP growth rate".
"Rapid growth in agriculture (4.5%), manufacturing (9.1%) and construction sectors (11.5%) contributed to the overall growth", the Indian government said.
The decline in the annual GDP growth has been mainly due to dip in manufacturing, agriculture and mining activities. "In terms of growth rates, the Gross National Income is estimated to have risen by 6.7 per cent during 2017-18, in comparison to the growth rate of 7.1 per cent in 2016-17".More news: Cavaliers avoid suspensions that would have killed their chances
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Also, export-oriented industries particularly MSMEs in sectors like iron and steel, machinery and metal products, chemicals and agricultural goods are likely to take a hit.
Moody's forecasted a 3.3 per cent and 3.2 per cent growth for G-20 countries in 2018 and 2019 respectively while claiming that the growth differential between emerging and advanced economies were set to broaden, with the advanced economies growing 2.3 per cent in 2018 and 2.0 per cent in 2019.
The government spending-linked public administration segment's growth rose to 13.3 percent from 7.7 percent in December quarter. But private investment is not expected to boost growth significantly over the next few quarters, given the high level of slack capacity and lending constraints in the banking sector.
Higher crude oil prices have already hurt the rupee, which slumped to near a record low this month.
Sampath Reddy, CIO, Bajaj Allianz Life said GDP growth Q4 FY18 came in above expectations at 7.7%, on the back of gross fixed capital formation (or investments).