GDP growth breaks 5-Q slide

Economy makes a turnaround grows by 6.3% in 2nd quarter

"The latest growth outturn is in line with RBI's recent rhetoric and thus shouldn't move the needle on interest rates".

The former finance minister said this after India reported a 6.3 per cent GDP growth rate in the July-September quarter of the current fiscal.

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

This prompted Finance Minister Arun Jaitley to say that the impact of demonetisation and the GST were behind us. However, it can not be said now whether this will mark an upward trend in the growth rate.

After sliding for nearly five quarters, country's economy has rebounded from a three-year low to swell by 6.3 per cent in July-September quarter.

The country's economic growth recovered to more than 6 per cent in the July-September quarter, backed by strong manufacturing, allaying doubts related to disruptions caused by the goods and services tax (GST).

Shipments Of Higher-End VR Headsets Eclipse 1M In Q3: Canalys
Incumbents and new players entering the market are targeting similar price points. Meanwhile, strong consumer adoption of VR in Japan is giving Sony a boost.

Chief Statistician T C A Anant said it was indicative of growth returning to normal levels.

The senior Congress leader said, "We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion".

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.

"Although manufacturing volume growth in Q2 FY18 was not as strong as we had initially expected on the basis of restocking after the GST, rising commodity prices and fewer discounts led to a revival in earnings", Icra Principal Economist Aditi Nayar said. According to Anant, GDP could also be an underestimation on account of sales tax collection as many proxies were used to calculate it but the higher mop up could reflect in the revised growth data.

Mr Anant said, agriculture, forestry and fishing sectors are estimated to have grown by 1.7 per cent.

"Robust growth of 7.6 percent in electricity and other utilities, and 9.9 percent in trade, transportation and communications also powered this acceleration", the FM said, adding "Overall, the services sector recorded a growth of 7.1 percent in the second quarter". Great news that quarterly GDP growth accelerates to 6.3 per cent against 5.7 per cent from the previous quarter.

Related News:



Most liked

Chinese actress Liu Yifei to play Hua Mulan
The movie was about a young girl who joins the army as a boy in disguise after learning that her weak father has to join the army. A graduate of the Beijing Film Academy, Liu speaks fluent English and also lived in New York City during her childhood years.

Conor McGregor's Dad Responds to Rumors UFC Champ's in Danger
The sportsman, who claimed he earned £125million for one fight, has been given two months to pay the bill. "I apologise", Mr. He spent some time in a consultation room with his solicitor and a friend before appearing in court.

Joe Scarborough casually makes a shocking claim about President Trump's health
He added, under Trump's leadership the country had moved closer to war on the Korean Peninsula than most Americans know. The mystery Trump is referring to is the death of one of Scarborough's district office workers.

Jury Finds Illegal Immigrant Not Guilty in Killing of Kate Steinle
As a presidential candidate, Donald Trump cited the Steinle killing as a justification for his intended crackdown on immigration. Since taking office, Trump has threatened to withhold federal funding from places with similar sanctuary city laws.

Trump plans State Department shift; AR Sen. Tom Cotton in the mix
White House Chief of Staff John Kelly developed the transition plan and has discussed it with other officials, the Times reported. It is exceedingly rare for a secretary of state, America's face on the global stage, to be fired or to serve for a year or less.

Tennessee turns attention to NC State's Dave Doeren, reports say
The Wolfpack (8-4) are unranked in the AP Top 25 but are No. 24 in the latest College Football Playoff rankings. State? Tennessee may now look to fired Texas A&M head coach Kevin Sumlin for their head coaching position.

Tennessee Moves On To Big 12 Coach
Just days after reportedly turning down an offer to coach at Florida, Tennessee is now apparently knocking on Mike Gundy's door. There's a range of debate from the likelihood of his accepting the job, to who could possibly replace Gundy at Oklahoma State .

Romelu Lukaku struggling to compete with Zlatan Ibrahimovic - Ferdinand
Moreover, another interesting tidbit from Mourinho after the game was his reasoning for Romelu Lukaku's recent struggles. I would never blame him for missing an easy chance, never.

Air France-KLM seals 'enhanced' deal with Jet Airways
The agreement, reportedly a first in Indian aviation, strengthens the partnership built between the three airlines since 2014. The combine expects 40 per cent increase in passenger traffic to 1.7 million between India-France-Netherlands in 2018.

Turkey's DenizBank says it did not collaborate with Turkish-Iranian businessman Zarrab
Turkish President Recep Tayyip Erdogan has called the trial a "trap" set against his country and organized by his opponents. The case has fuelled tensions between the United States and Turkey, which are North Atlantic Treaty Organisation allies.

Judge told to act 'without delay' on Meek Mill bail request
Judge Brinkley has been criticized in this case, with many activists claiming that the sentencing was too harsh. In February 2016, Mill was placed on a 90-day house arrest for violating his probation.

Joe Moorhead to Mississippi State a welcome relief to Big Ten defenses
In 2016, his offense broke the school record for total offense and passing yards, as Penn State won the Big Ten title that season. Breiner is from Pennsylvania and retained much of the high-powered offense that Moorhead installed two years ago.

Microsoft Office apps now available on Google Chromebook users
It is for the first time that office is available for Chromebook users through Google Play in terms of general release. Most others, however, have either never seen the apps on offer or have had a sporadic, inconsistent experience.

Saipov Pleads Not Guilty in NYC Bicycle Path Terror Attack
Islamic State claimed responsibility for the attack, which was the deadliest in New York City since the 9/11 attacks. Saipov appeared briefly Tuesday in Manhattan federal court, sitting quietly, listening to the interpreter.

Bigg Boss 11: Bandagi Kalra cuts Hina Khan's hair
Hina said on national TV you cut a girl's hair, to which Bandagi said on national TV you put chilli in a girl's eyes. Hiten, who is usually often silent, will finally lose his cool when he will notice Luv hiding all the trimmers.