GDP growth breaks 5-Q slide

Indian Economy

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.

"It is well accepted that investment in infrastructure is essential to growth, it increases the productivity of existing resources and crowds in private investment, which in turn creates more jobs and leads to economic well-being", he said. "We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion", Chidambaram said in his reaction to the latest GDP figures released by the Central Statistics Organisation (CSO).

"The government should look at further consolidating its reform agenda in the forthcoming Union Budget 2018-19 to be announced two months from now to give further boost to investment", Patel added.

Expressing concern on the GDP numbers, Finance Minister Arun Jaitley said, "Last five quarters had witnessed a downward trend, GDP at 6.3% marks the reversal of that trend".

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". The finance minister said a cogent GST mechanism has been developed and no country in the world has 5 per cent tax rate.

Trump poised to oust top diplomat Tillerson, says New York Times report
Secretary of State Rex Tillerson participates in a panel discussion at the Wilson Center in Washington , U.S., November 28, 2017. The favored candidate to replace Tillerson is current CIA Director Mike Pompeo, which would leave a vacancy at the CIA.

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.

Gross domestic product (GDP) will grow 6.4% in the July-to-September quarter, according to the median estimate of 46 economists polled by Bloomberg. The reasons for the foreseen growth recovery are many: a rise in industrial production and exports, restocking by businesses after the transition to GST and some major festivals that would have boosted consumer demand.

Mr Anant said, agriculture, forestry and fishing sectors are estimated to have grown by 1.7 per cent. If it slows down, it is more towards 7 and if it paces up it is more towards 8 per cent growth.

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.

Mining also posted a sharp uptick in growth to 5.5 per cent from a decline of 0.7 per cent in the previous quarter.

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