Breaking a five-quarter slump, a rise in the manufacturing sector’s output pushed India’s growth rate higher to 6.3 per cent during the second quarter of 2017-18, official data showed on Thursday. 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.
According to data from the Central Statistics Office (CSO), the GDP for Q2 stood at Rs 31.66 lakh crore, or a growth of 6.3 per cent. “The economic activities which registered growth of over 6 per cent in Q2 of 2017-18 over Q2 of 2016-17 are ‘manufacturing’, ‘electricity, gas, water supply & other utility services’ and ‘trade, hotels, transport & communication and services related to broadcasting’,” the document on the estimates of GDP for the Q2 of 2017-18 said.
#IndiaUnstoppable : India’s GDP grows at 6.3% in second quarter of 2017-18 (July-September), up from 5.7% in previous quarter (April-June), as Modi government sets in the transformational reforms. pic.twitter.com/B0zvPQef7a
— BJP (@BJP4India) November 30, 2017
“The growth in the ‘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 per cent respectively, during this period,” the data said.
Wait another 3-4 quarters, says Chidambaram
Former Finance Minister P Chidambaram on Thursday said he was happy that the economy has registered a growth of 6.3 per cent in the latest quarter but still one cannot say whether this will mark an upward trend in the growth rate.
“I am happy that the July-Sept quarter has registered a growth rate of 6.3 per cent. This is a pause in the declining trend of the last five quarters.
Dear @narendramodi: Can you please ask the Chief Statistician to publish GDP data for years prior to 2011-12 using the new methodology so that we can show you how terrible a job you are doing? Please? #constructivecriticism
— Salman Anees Soz (@SalmanSoz) November 30, 2017
“But we cannot say now whether this will mark an upward trend in the growth rate. We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion,” Chidambaram said in his reaction to the latest GDP figures released by the Central Statistics Organisation (CSO).
GDP: Q1 5.7%
= ave 6% for first half of 2017-18.
Assuming 7% growth in Q3 & Q4, full year growth will be 6.5%
But someone said Indian Economy is in Tailspin & @arunjaitley is a lawyer, not economist
— #GauravPradhan 🇮🇳 (@DrGPradhan) November 30, 2017
GDP figures out. Again no growth. No jobs.Effects of note ban scam & unplanned GST continue to damage economy. Only talking. No performance
— Mamata Banerjee (@MamataOfficial) November 30, 2017
Transformational reforms under PM @narendramodi ji bearing fruit through faster growth and prosperity for all. Quarterly GDP growth accelerates to 6.3% vs 5.7% in the previous quarter.
— Piyush Goyal (@PiyushGoyal) November 30, 2017
Hidden behind new GDP numbers is worrying fact of India’s slowing agri growth from 2.3% to 1.7% since last quarter. What to celebrate when 70% of population depend on it?
— Sid (@sidmtweets) November 30, 2017
Before #BJP brings on the spinning track, India’s economic stress continues; GDP far below at 6.3% compared to 7.5% of Q2 of last year. GVA is 6.1%. Large fault lines persist, no green-shoots visible. A hard-landing probably in FY 2018.
— Sanjay Jha (@JhaSanjay) November 30, 2017
As expected, GDP growth has improved to 6.3% from 5.7% last quarter. Except Pidi gang, everyone knew it was a temporary setback.
— Anurag Katriar (@KingKatriar) November 30, 2017
(Reproduced tweets do not reflect Lokmarg editorial policy)