China's gross domestic product (GDP) grew 6.8 per cent year-on-year in the first half of 2018 to about 41.90 trillion yuan ($6 trillion)
With GDP of USD 19,390,604 million, United States has topped the list, followed by China with USD 12,237,700 million.
The rate hike by RBI and the oil prices raise concerns over the sustainability of what was termed as a "cyclical, broad-based recovery", Nomura's chief India economist Sonal Varma said.
The economy grew at the highest rate since September quarter of FY17, ahead of the demonetisation drive that began in November 2016.
In its report published on Thursday, the UN World Economic Forum said that the GDP growth in India is expected to climb to 7.5 and 7.6 per cent in fiscal years 2017-18 and 2018-19 respectively.
The government has revised its 2018-19 fiscal deficit projections to 3.3 per cent of GDP and for the current fiscal to 3.5 per cent of GDP, against original targets of 3 per cent and 3.2 per cent, respectively.
India loses about 4 per cent of GDP (gross domestic product) to malnutrition, greater than India's entire defence budget, which is 1.5 per cent of GDP.
According to Nomura's Composite Leading Index, some growth consolidation is likely in the Oct-Dec quarter, followed by a sharp recovery in Q1 2018 due to ongoing remonetisation and improving global demand.
The revised figure was US government’s third and final look at GDP for the April-June period.
Demonetisation affected the country's GDP growth rate by only 0.4 per cent, Surjit Bhalla, part-time member of the Economic Advisory Council, said today.
"Both demonetisation and GST have affected India's gross domestic product (GDP) growth adversely," he said.
Prime Minister Narendra Modi will on Tuesday interact with Finance Minister Arun Jaitley and other top officials to take stock of the economic situation.
"When 86 pc of currency is withdrawn from circulation, plus GST, which was put in practice in haste.. lot of glitches are now coming up, it was bound to affect GDP growth adversely."
Current account deficit (CAD) increased to $14.3 billion, or 2.4 % of GDP in Q1 of the current fiscal from $0.4 billion a year ago.
Indian economy is going through period of dense fog, with uncertainty of macro-economic variables by itself is likely to impede investment intentions & act as a drag on growth, causing downgrades to GDP and earnings estimates for next financial year.
India's GDP growth was expected to decline in the first quarter of the current fiscal but the "free fall" in the numbers shows that the problem is more structural than transient
BJP President Amit Shah said the dip in GDP growth to 5.7 per cent is "temporary" and not linked to demonetisation
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