The growth rate of 7.2 per cent in October-December is higher than China's growth of 6.8 per cent during this period, making India the fastest growing major economy.
Modi faces criticism over mounting bad loans at state banks and a $1.77-billion fraud at state lender Punjab National Bank, the biggest in the country's banking history. The last time India had a faster growth rate was in the final three months of 2016.
Federal government expects oil prices to fall
An unexpected increase in gasoline stockpiles last week has weighed on fuel prices and is pulling oil prices lower. US crude oil production increased steadily through 2017, reaching its highest level in more than three decades.
Farm sector growth will likely remain subdued because of unfavourable estimates for kharif output of crops such as oilseeds, pulses, cereals and cotton, and the base effect related to record-high output in 2016-17. Chinas, GDP reportedly grew by 6.8% in the October-December quarter. Compared to a growth of 6.3 per cent in agriculture in 2016-17, in 2017-18 the growth has more than halved to 3 per cent.
President Donald Trump has vowed to return the United States to sustained annual growth of 3% or higher.
The latest increase was driven by faster growth in the agriculture and construction sectors, while the contribution of the mining sector contracted slightly. Services growth is projected to accelerate to 7.7 per cent in the third quarter of 2017-18, up from 7.1 per cent in the previous quarter.
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During the operation, ICE's Enforcement and Removal Operations (ERO) arrested 232 individuals for violating USA immigration laws. Now, "you have essentially an nearly guerrilla movement by local authorities to try and undo federal law enforcement efforts".
In an interview with the news network earlier this week, Amitabh Kant, one of the Indian government's top policy advisers, said growth of 10% or more should be "very doable".
Meanwhile, for the fiscal year ending March 31, 2018, the government revised its GDP growth forecast higher to 6.6 per cent from 6.5 per cent earlier. Surely, a recovery in Indian economic growth is underway.
The data furnished by the Comptroller General of Accounts showed that during April-January, the fiscal deficit stood at Rs 6.77 lakh crore, which is 113.7 per cent of the full year's target. "Looking ahead, the likelihood of higher rural incomes (on higher MSPs) and pre-election spending is likely to be supportive of 2018-19 numbers", said Radhika Rao, India economist of DBS Bank.
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"Creating jobs for the younger generation will lead to annual growth rate above 8 percent".