Sunday, 24 June, 2018

GDP growth breaks 5-Q slide

Jaitley: India has standardised itself for growth rate of 7-8% GDP numbers 'very encouraging': Key facts
Kelvin Reese | 01 December, 2017, 06:39

GST, note ban behind us: Jaitley Hailing the GDP growth, Arun Jaitley said that the impact of demonetisation and GST is "behind us", and the country can now look forward to upward growth trajectory in the coming quarters.

"Indias economic stress continues; GDP far below at 6.3 pc compared to 7.5 pc of Q2 of a year ago! - a close scrutiny reveals the real picture of the economic mess created by BJP Government", he said in a statement.

We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion.

GDP rose 6.3 per cent in the quarter ended September, higher than the 5.7 per cent in the previous one on improved investment and steady demand, the data from the Central Statistics Office showed on Thursday.

Replying to a question on how the implementation of GST has impacted the GDP, Anant said "it introduced a measure of statistical challenge for us" while calculating the growth rate.

He said the government reforms to push economic growth are working can be seen from the robust growth of seven percent in manufacturing and 7.1 percent in services in the second quarter of this fiscal.

Chief Statistician T C A Anant said it was indicative of growth returning to normal levels. This marks the reversal of this trend.

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"Happy that the July-Sep quarter has registered a growth rate of 6.3%".

China remained ahead of India for a third quarter in a row in July-September, posting 6.8 per cent growth.

As far as the CSO data is concerned, agriculture growth slumped to 1.7 per cent, but the economic activities that registered growth of over 6 per cent in the second quarter of 2017-18 year-on-year are manufacturing, electricity, gas, water supply and other utility services, trade, hotels, transport and communication and services related to broadcasting.

The agriculture, forestry and fishing sector is estimated to have grown by 1.7 per cent.

"The Modi governments efforts are ensuring better prospects for each Indian", he said in a statement and series of tweets.

The services sector too slowed down to 7.1 per cent during the quarter. The growth in public administration, defence and other services also stood at 6 per cent.

Former Finance Minister P Chidambaram on Thursday said he was happy that the economy has registered a growth of 6.3 per cent in the latest quarter but still one can not say whether this will mark an upward trend in the growth rate.

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