GDP turns around, leaps to 6.3% in Sep quarter

Dianna Christensen
December 1, 2017

TCA Anant, Chief Statistician of India, termed the latest GDP numbers as "very encouraging" and said he expects it to show further recovery in the coming quarters. "But we can not say now whether this will mark an upward trend in the growth rate", Chidambaram added.

"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", said the press release.

Speaking to ANI, Chouhan said "GDP growth rate is increasing and it is a proof of the fact that economic activities are increasing in the country".

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

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.

"India's rise in World Bank's Ease of Doing Business rankings, upgrade by Moody's, praise by Standard & Poor's and the strong growth in Q2 show that India's rise is inevitable", he said, adding that Modi government's efforts are ensuring better prospects for every Indian.

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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.

Gross value added (GVA), a key input of GDP that is tracked by the RBI, rose 6.1 per cent in July-September compared to 5.6 per cent in the June quarter this year and 6.8 per cent in the September quarter of the last fiscal.

Senior BJP leader and former finance minister Yashwant Sinha, who had criticised Modi government's handling of economy, tweeted: "India must grow at 8% to 10% to create the jobs we need for our youth".

The services sector too slowed down to 7.1 per cent during the quarter. "Quarterly GDP growth accelerates to 6.3 per cent versus 5.7 per cent in the previous quarter". Great news that quarterly GDP growth accelerates to 6.3 per cent against 5.7 per cent from the previous quarter.

Reversing a five-quarter slide in GDP growth, Indian economy bounced back from a three-year low to expand by 6.3 per cent in July-September as manufacturing revved up and businesses adjusted to the new GST tax regime.

Other reports by GlobalViralNews

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