GDP growth expands to 6.3 per cent, boost to govt

GDP Growth Recovers to 6.3% in September Quarter

GDP Growth Recovers to 6.3% in September Quarter

The wholesale price index (WPI) in respect of the groups - food articles, minerals, manufactured products and all commodities, registered growth rates of 3.4 per cent, 2.1 per cent, 2.4 per cent, and 2.6 per cent, respectively whereas electricity declined by 1.6 per cent during Q2 of 2017-18. The manufacturing sector grew at seven per cent in the September quarter compared with 1.2 per cent the previous quarter, the data released by the Ministry of Statistics showed.

The GVA (Gross Value Added) to the economy in the reporting quarter stood at 6.1 per cent, up from 5.6 per cent in the last quarter.

"We will be updating the forecast for India, including the growth rate, and that will be coming January with the update of our World Economic Outlook", IMF spokesman Gerry Rice said.

India's economy grew at 6.3 percent in the second quarter of the financial year, official data showed on Thursday, rebounding from a sharp slowdown in the wake of high-profile reforms.

The services sector too slowed down to 7.1 per cent during the quarter.

Growth in "agriculture, forestry and fishing", "mining and quarrying", "construction", "financial, insurance, real estate and professional services" and "public administration, defence and other services" is estimated to be 1.7 per cent, 5.5 per cent, 2.6 per cent, 5.7 per cent and 6.0 per cent respectively, during this period.

Economic growth picked up from 5.7 percent in April-June, but lagged China's 6.8 percent and the Philippines' 6.9 percent for the three months through September.

"Agriculture in the quarter was held up by the non-crop segments, because crop production has done just a little bit poorly", Anant said.

When demonetisation of higher currencies was implemented in November 2016, experts said that its adverse impacts would shave India's GDP up to 0.5%.

Charles Leclerc to race for Sauber alongside Marcus Ericcson in 2018
The Italian vehicle manufacturer is making a return to the sport after 30-years to sponsor the team. Instead, the Italian will be Sauber's third driver, effectively meaning he is in a reserve role.

"GST has brought in a number of uncertainties because of tax for the period not being paid on time".

The GST, the minister said, has also reduced the compliance burden on traders as under the new regime a trader is not required to file multiple tax returns.

"Demonetisation and GST's impact is behind us and hopefully in coming quarters, we can look for an upwards trajectory", he said.

"Also the figure for fixed capital formation means that actually investments are moving up", he added. "We will need to wait for Q3 and Q4 GDP numbers to be able to comment on this more conclusively", he said.

"What is encouraging is that manufacturing has emerged as a key driver of growth indicating that firms have started restocking and recovery is taking shape".

The country's fiscal deficit at the end of October went up to 96.1 per cent of the budget estimate for the full year (2017- 18), mainly due to lower revenue realisation and increase in government expenditure.

According to Anis Chakravarty, Lead Economist, Deloitte India, the latest set of numbers showed improved performance of manufacturing that could have possibly been affected by the GST implementation.

In July-September, auto sales, manufacturing, electricity generation grew more quickly than in the previous quarter.

Recommended News

  • CBS Cancels Wisdom of the Crowd Following Allegations Against Jeremy Piven

    CBS Cancels Wisdom of the Crowd Following Allegations Against Jeremy Piven

    The news emerges weeks after CBS officials announced they were investigating claims of sexual assault made against Piven . TV Line reports that the 13 episodes already in the can will air, but the move by CBS is effectively a cancellation.
    White House condemns Pakistan's release of militant suspect

    White House condemns Pakistan's release of militant suspect

    His release came after a panel of judges dismissed a government request to continue his house arrest, which ended Thursday. He also expressed a desire to see India - Pakistan's archrival - become an active stakeholder in stabilizing Afghanistan.
    Chip Kelly Finalizing Deal With UCLA To Be Next Head Coach

    Chip Kelly Finalizing Deal With UCLA To Be Next Head Coach

    He went 46-7 in four seasons at OR from 2009-2012 before leaving for the National Football League with the Philadelphia Eagles . UCLA fired Jim Mora after the Bruins lost to crosstown rival USC in their last away game of the season.
  • Infosys names Capgemini senior executive Salil Parekh new CEO & MD

    Infosys names Capgemini senior executive Salil Parekh new CEO & MD

    Nilekani was recalled, a week after Sikka's resignation, to run the company as non-executive chairman and find a new CEO. Parekh has a master of Engineering degrees in Computer Science and Mechanical Engineering from Cornell University.
    The Weeknd Just Quietly Deleted Selena Gomez Off His Instagram

    The Weeknd Just Quietly Deleted Selena Gomez Off His Instagram

    Speaking after the Thanksgiving holiday, an insider explained: "They both spent Thanksgiving with their families". People reported in October that The Weeknd and Gomez had called it quits after 10 months of dating.
    Jeff Bezos Is Now Allegedly Worth $100 Billion

    Jeff Bezos Is Now Allegedly Worth $100 Billion

    In addition to the Amazon, this bald-headed man also has about $3 billion worth of shares in the rocket company, Blue Origin. The stock got a lift from reports that online shopping on Thanksgiving and Black Friday jumped 18% compared with a year ago .
  • All Blacks Sevens beaten by South Africa in Dubai final

    All Blacks Sevens beaten by South Africa in Dubai final

    After an interception in their own half, New Zealand stormed forward through Sam Dickson but he got scragged short. Amor reserved particular praise for Harry Glover who scored the last second winning try against Australia .
    Expect 'Difficult' Argentina In World Cup, Rohr Warns Eagles

    Expect 'Difficult' Argentina In World Cup, Rohr Warns Eagles

    Coach Gernot Rohr said what last month's win over Argentina has shown is that anything is possible with his young team. The country went into that game in danger of missing out not only on direct qualification but a spot in the playoffs.
    Navajo Nation president: Yes, Trump quip is an ethnic slur

    Navajo Nation president: Yes, Trump quip is an ethnic slur

    Q: She said that it was a racial slur . "Although we have a representative in Congress who they say was here a long time ago. This is a person, a young lady and Native American woman, that played a critical role in the life of this nation.
  • MY BIZ: Trai is backing Net Neutrality all the way

    MY BIZ: Trai is backing Net Neutrality all the way

    This was considered "gate-keeping" and creating "walled gardens" in cyber space which is against the concept of Net neutrality. The regulator explicitly stated that all content should be available to consumers without any discrimination or restriction.
    Weinstein faces first claim for assault damages in UK

    Weinstein faces first claim for assault damages in UK

    At that point, Weinstein "pulled Kadian closer and groped her breasts" according to the suit, despite the plaintiff's protests. The case could have major consequences for Weinstein because several of his alleged assaults on actresses occurred overseas .
    Former 'Glee' star Naya Rivera charged in domestic battery against husband

    Former 'Glee' star Naya Rivera charged in domestic battery against husband

    She was arraigned at the Kanawha County Magistrate Court and released on bond after a brief court appearance, court records show. Rivera answered in the affirmative when the judge asked her if she knew about the nature of the charges filed against her.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.