Thursday, 14 December, 2017

Economy rebounds: GDP growth rate rises to 6.3% in September quarter

GDP numbers 'very encouraging': Key facts Has the tide turned?
Jeannie Matthews | 03 December, 2017, 01:12

Jailtey said achieving a 10% economic growth rate is "very challenging" and double-digit GDP growth will depend on how the world economy moves.

In July-September, auto sales, manufacturing, electricity generation grew more quickly than in the previous quarter.

In the first quarter, India's GDP growth had slipped to 5.7 per cent, lowest in the last 13 quarters. He has been grappling with slowing growth in the past five quarters, with the economy dragged down by subdued private investments, an unprecedented cash ban imposed previous year and the introduction of a country-wide consumption tax in July.

The economic growth rate had slipped to three-year low of 5.7% in the first quarter of 2017-18 financial year. The country's fiscal deficit crossed 96 per cent of Budget estimates at October-end.

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

A day after Finance Minister Arun Jaitley claimed the "days of GST and demonetisation are behind us", he said on Friday that the Goods and Services Tax (GST) had made it easy for traders to spread business activities in any part of the country. Fixed capital formation, being up to 4.7%, means the investment is going upward.

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Former finance minister P Chidambaram said he was happy that the July-September quarter has registered a growth rate of 6.3 per cent and described it a "pause" in the declining trend of the last five quarters.

"Traditionally, July-September is a quarter where a lot of production takes place to cater to festive demand".

In what could bring a big cheer for the government after five quarters of slump and also indicate that the Indian economy is recovering from the effects of demonetisation and GST rollout, the Gross Domestic Product (GDP) for the September quarter jumped to 6.3 per cent from 5.7 per cent in the earlier quarter.

The expansion in GVA in the first half of the current fiscal has been estimated at 5.8 per cent, down from 7.2 per cent in the year-earlier period.

While the rebound in GDP growth in the second quarter can act as a "confidence booster" for the economy, the slowdown in the services sector, including finance, transport and hotels, as well as in agriculture is cause for concern, according to industry bodies and consultants. The growth in public administration, defence and other services also stood at 6 per cent.

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