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GDP recovers, grows at 6.3% in July-September quarter

01 December, 2017, 06:38 | Author: Melinda Barton
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"The last five quarters had witnessed a downward trend". But we can not say now whether this will mark an upward trend in the growth rate. "The growth in the "agriculture, forestry and fishing", "mining and quarrying", "construction" "financial, insurance, real estate and professional services" and 'Public administration, defence & other services" is estimated to be 1.7 percent, 5.5 percent, 2.6 per cent, 5.7 percent and 6.0 percent respectively, during this period", a press release by the government said. █ 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.

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

Jaitley further said, "Government's reforms to push economic growth are working, (and it) can be seen from that: manufacturing has shown robust growth of 7 per cent in Q2 and services at 7.1 per cent".

Congress leader and former Finance Minister P. Chidambaram tweeted that he was "happy that the July-Sep quarter has registered a growth rate of 6.3 per cent" but said this was below expectations. If it slows down, it is more towards 7 and if it paces up it is more towards 8 per cent growth.

Syncing with recent Moody's upgrade of India's sovereign credit for the first time in almost 14 years, the growth buoyancy comes at a time when the Modi Government has been facing Opposition charges of wrong implementation of demonetisation and GST that disrupted the $2.4-trillion economy.


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.

On a sequential basis, India's GDP growth for Q2 of the current fiscal went up to 6.3 per cent, from 5.7 per cent reported during the first quarter of 2017-18.

"This coupled with strong fundamentals hold promise for a great future of Indian economy under the leadership of Narendra Modi".

Earlier today, the stock market saw a sharp slump at it has shed over 450 points. Reliance Industries, SBI and ICICI bank were among those who recorded loses. To scale to 10 per cent rate is "very challenging" and it will not depend on domestic factors only but on how the world is moving, he said.

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

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