News Worms
News Worms

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

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

However, it is expected that the rebounding GDP could blunt Opposition's attack on Prime Minister Narendra Modi for his "hasty GST launch".

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

This was a break with five quarters of declining trends in growth, but India remained behind China in economic expansion. This marks the reversal of this trend.

The new numbers indicate that the economy is recovering after it hit a temporary slump following last year's note ban and the rollout of GST.

In the services sector while trade, transport did well, the government finances grew rather slowly because of a muted deposit and loan growth in the banks. The rate of growth of gross fixed capital formation increased from 1.6 per cent in the first quarter to 4.7 per cent in the second quarter. In the fourth quarter of 2013-14, economy had grown at 4.6 per cent.

"In a normal year, businesses are conversant with the tax processes, and so know their tax liability, so the collections are usually in line with what is anticipated", TCA Anant, Chief Statistician of India and Secretary to the Ministry of Statistics and Programme Implementation, said on Thursday.

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

Agricultural growth fell to 1.7 per cent in Q2 from 2.3 per cent in the previous quarter because of a sharp decline in the production of foodgrains during the kharif season.

Congress leader and former Finance Minister P. Chidambaram tweeted that he was "happy that the July-Sep quarter has registered a growth rate of 6.3 per cent" but said this was below expectations. Prominent Indian firms had their best profit growth in last six quarters in July-September, according to Thomson Reuters data.

On a sequential basis, India's GDP growth for Q2 of the current fiscal went up to 6.3 per cent, from 5.7 per cent reported during the first quarter of 2017-18. The growth in construction sector was projected at 2.6% compared to 4.3% in the same quarter a year ago.

"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.


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