Deceleration trend in overall growth has been now reversed: Jaitley

01 December, 2017, 06:37 | Author: Valerie Burke
  • IndiaTV

"India has standardised itself ordinarily for a growth rate between 7 to 8 per cent". The country's fiscal deficit crossed 96 per cent of budget estimates at October-end, according to government data.

Commenting on the demonetisation drive previous year and its impact on India's growth, Anant said the move will be very hard to read from GDP numbers.

Striking a note of caution, the Congress also said the rebound in economic growth is nothing but what it called the Modi governments "desperate spin to hide its luminous underperformance". "This indicates perhaps the impact of two significant structural reforms - demonetisation and GST - is now behind us and hopefully in the coming quarters we can look forward to an upward trajectory", said finance minister Arun Jaitley after the GDP data was released.

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

Real GVA growth has shown a similar increase from 5.6 percent in the first quarter to 6.1 percent in the second quarter, despite a deceleration in agricultural growth from 2.3 percent in the first quarter to 1.7 percent in the second. In the fourth quarter of 2013-14, economy had grown at 4.6 per cent.

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Chief statistician T.C.A. Anant hinted that the GDP numbers could be revised upwards in future as businesses uncertain of the new GST regime may have accounted for lesser taxes. "After the five quarters of growth decline, we see reversal of GDP in the second quarter", he said. But we can not say now whether this will mark an upward trend in the growth rate.

Former finance minister P Chidambaram on Thursday said that 6.3% growth in Indian economy is far below the promise of the Modi government. "It's possible that anticipating the need for the festive season, most of the production went into the sale and inventory restocking may happen later...inventory accumulation effect may persist in the third quarter as well", he explained.

He said, this growth happened on the back of good growth in manufacturing sector, electricity, gas, water supply and other utilities.

The expansion in GVA in the first half of the current fiscal has been estimated at 5.8 per cent, down from 7.2 per cent in the year-earlier period. Manufacturing grew 7% while agriculture growth was 1.7%, down from 2.3% in the trailing quarter. Great news that quarterly GDP growth accelerates to 6.3 per cent against 5.7 per cent from the previous quarter.

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