Friday, 15 December, 2017

Jaitley: India has standardised itself for growth rate of 7-8%

Jaitley: India has standardised itself for growth rate of 7-8% GDP numbers 'very encouraging': Key facts
Juana Turner | 01 December, 2017, 06:38

"After the five quarters of growth decline, we see reversal of GDP in the second quarter", he said. If it slows down, it is more towards 7 and if it paces up it is more towards 8 per cent growth.

We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion. A Reuters poll of economists had predicted a growth rate of 6.4 per cent, while various other bodies projected the rate between 5.9 per cent and 7.1 per cent.

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.

"The Q2 growth pick up is nearly entirely due to the growth pick up in manufacturing, which came to a standstill prior to GST due to destocking", D.K. Srivastava, Chief Policy Advisor at EY India, said.

"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. "This also indicates that perhaps the impact of two very significant structural reforms - demonetisation and GST - is behind us and hopefully in coming quarters we can look for an upwards trajectory", he said after the Central Statistics Office released the GDP data. Analysts says that it is an indication that firms are starting to recover after being hit earlier this year by uncertainty tied to the rollout of the GST and last year's notes ban.

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.

India's GDP growth has recovered to 6.3 percent in the second quarter from a three-year low of 5.7 percent in first quarter.

The agriculture, forestry and fishing sector is estimated to have grown by 1.7 per cent.

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

Former finance minister P Chidambaram said he was happy that the July-September quarter has registered a growth rate of 6.3 per cent and described it a "pause" in the declining trend of the last five quarters. The growth in public administration, defence and other services also stood at 6 per cent.

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