The best part about an impressive GDP growth of 8.2 per cent for the first quarter of the current fiscal is that it is being led by employment-intensive manufacturing which expanded by 13.5 per cent .Same is true about the construction which again is job-generating sector and grew by 8.7 per cent, said ASSOCHAM President Mr. Sandeep Jajodia. It said 5.3 per cent growth in agriculture and allied sectors is equally impressive and would lead to further pick up in the rural demand, as the impact of good Monsoon would be reflected in the second and third quarters of the fiscal 2017-18.
There has been an uptick in the Gross Fixed Capital Formation, which means the investment revival is very much visible. Against 31.0 per cent in the first quarter of the previous fiscal, the GFCF at constant prices is 31.6 per cent. The first quarter GDP numbers augur very well for the entire fiscal 2017-18. While it is early days, the Indian economy seems back to a solid trajectory for further gains in the next few quarters, the chamber said.
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