By ANTHONY HAYWARD/ The Times Of IndiaNEW DELHI: India’s economy grew at a brisk pace in March, surpassing the previous monthly record set in March 2018.
The government said on Tuesday the country’s gross domestic product (GDP) growth rate in March stood at 0.7 per cent, the best growth since March 2014, and the first quarterly growth since the financial crisis of 2008-09.
The growth rate was also better than the 0.6 per cent annualised growth rate for the year as the economy recovered from a recession.
“The growth in March was driven by a large increase in the exports, which had been adversely impacted by the recent disruption in the oil and gas industry, as well as a rise in the retail sales, which has lifted the GDP growth,” Finance Minister Arun Jaitley said in a statement.
India’s GDP grew at 0,904.8 crore in the March quarter, up 6.1 per cent from a year earlier.
Its rate of growth of 3.3 per cent was well above the 3.1-per-cent rate of the last quarter of 2019.
The country’s overall growth rate of 6.8 percent was also above the 6.3-percent rate of this quarter of 2017.
India had been struggling to achieve growth despite the country being a major manufacturing hub.
The government has been working hard to boost exports, but has been slow to implement policies to boost investment.
India is one of the world’s fastest-growing economies and the country has a long history of robust economic growth.