Thursday, 14 December, 2017

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

GST made doing business easier for traders Jaitley GDP recovers, grows at 6.3% in July-September quarter
Elsie Buchanan | 03 December, 2017, 00:30

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

While investment grew by 4.6 per cent in Q2 compared to 1.6 per cent in the first quarter on a year-on-year basis, its share in GDP fell to 27.5 per cent from 29.9 per cent in Q1, indicating that GST-related stress in the economy had not dissipated.

Lauding the government over the growth figures, Shah said, "Today?s GDP numbers reiterate the #IndiaUnstoppable story under PM Narendra Modi". The agriculture sector, on which a large section of the population, specially in rural areas, are dependent for their livelihood, saw a slower growth of 1.7 per cent in the second quarter, against 2.3 per cent in the first one. The country's fiscal deficit crossed 96 per cent of budget estimates at October-end, according to government data.

"Buoyed by the overall improved GDP number, Finance Minister Arun Jaitley said, "perhaps the impact of two structural reforms â€" GST and demonetisation were behind us". In a series of tweets, he said: "This is a pause in the declining trend of the last five quarters".

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

Earlier this month, rating agency Moody's upgraded India's credit rating to Baa2 from Baa3 and changed its India outlook to positive from neutral.

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Economists had predicted 6.4% growth.

Government's reforms to push economic growth are working can be seen from that manufacturing has shown robust growth of 7% in Q2 and services at 7.1%.

"Manufacturing reported growth of 7 per cent, electricity, gas and water supply at 7.6 per cent, and trade, hotels, transport and communication grew at 9.9 per cent", he said. "In the previous quarter, businesses were delaying production amid preparations for the GST launch", he said, adding that the output in the September quarter is primarily for consumption and sales.

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.

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.

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