Sunday, 17 December, 2017

Growth rate below Modi's promise: P Chidambaram

GDP growth Jaitley: India has standardised itself for growth rate of 7-8%
Jo Caldwell | 01 December, 2017, 06:38

Echoing Prabhu's sentiment, Information Technology Minister Ravi Shankar Prasad said: "India's GDP growth rate shows upward trend in 2nd quarter of 2017-18 and registers a growth rate of 6.3 per cent".

Mr. Anant said the GDP data for the second quarter could see an upward revision when the government released its revised estimates as it would reflect the final indirect tax collections - a figure that would include the taxes collected from late filers as well. Mr Anant said, the manufacturing sector in the second quarter of 2017-18 grew by 7 per cent.

"The September quarter GDP growth, he added, is quite a significant trend reversal and has been driven by pick-up in manufacturing".

Congress leader P Chidambaram today welcomed the rise in India's GDP growth rate but on a cautious note, saying it is a pause in the declining trend and one should wait for the next three-four quarters before drawing a definite conclusion.

He said the government reforms to push economic growth are working can be seen from the robust growth of seven percent in manufacturing and 7.1 percent in services in the second quarter of this fiscal.

This prompted Finance Minister Arun Jaitley to say that the impact of demonetisation and the GST were behind us.

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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.

China remained ahead of India for a third quarter in a row in July-September, posting 6.8 per cent growth. "Quarterly GDP growth accelerates to 6.3 per cent versus 5.7 per cent in the previous quarter".

"6.3% is far below the promise of the Modi government and far below the potential of a well-managed Indian economy", Chidambaram said in a series of tweets.

Government spending slowed in the quarter, growing 4.1 per cent, as against 17.1 per cent in the June quarter.

"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. Prominent Indian firms had their best profit growth in last six quarters in July-September, according to Thomson Reuters data.

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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