GDP growth breaks 5-Q slide

GDP growth breaks 5-Q slide

India Inc expressed happiness over an increase in GDP to 6.3% from 5.7% in the last quarter and said as the GST settles down, the growth rate would be even higher.

The GDP for the July-September quarter showed a growth rate of 6.3 per cent after the previous quarter recorded a three-year low of 5.7 per cent.

"I am happy that the July-Sept quarter has registered a growth rate of 6.3 per cent".

The Gross Value Added (GVA) which is the total value of goods and services produced in the country after deducting the input cost accelerated 6.1% in the September quarter from 5.6% in the last quarter. It was 7.5 per cent in the September quarter of 2016-17.

Finance Minister Arun Jaitley has said, the GDP rate at 6.3 percent marks the reversal of declining trend in the last five quarters.

However, the growth of eight core-sector industries slowed to 4.7 per cent in October and agriculture growth slumped to 1.7 per cent. The growth in agriculture, forestry and fishing was 1.7 per cent, mining and quarrying 5.5 per cent, construction 2.6 per cent, and financial, insurance, real estate and professional services 5.7 per cent.




Chief Statistician T C A Anant said it was indicative of growth returning to normal levels.

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. If it slows down, it is more towards 7 and if it paces up it is more towards 8 per cent growth. Consumption demand is one, although quarterly numbers aren't an entirely reliable indicator.

"What is encouraging is that manufacturing has emerged as a key driver of growth indicating that firms have started restocking and recovery is taking shape". The country's fiscal deficit crossed 96 per cent of budget estimates at October-end, according to government data.

His comments come ahead of the second quarter GDP data that will be released by the Central Statistics Economy later this evening.

While manufacturing grew rapidly at 7% in the September quarter from merely 1.7% in the first quarter (April-June), the growth in electricity and other utilities was recorded at 7.6% and it was nearly 10% in trade, hotel, transportation and communication.

On November 17, Moody's upgraded India's sovereign credit rating for the first time in almost 14 years, saying continued progress on economic and institutional reforms would boost its growth potential.

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