Rise in GDP growth rate pause in declining trend: Chidambaram

Rise in GDP growth rate pause in declining trend: Chidambaram

Rise in GDP growth rate pause in declining trend: Chidambaram

Echoing Prabhu's sentiment, Information Technology Minister Ravi Shankar Prasad said: "India's GDP growth rate shows upward trend in 2nd quarter of 2017-18 and registers a growth rate of 6.3 per cent". But we can not say now whether this will mark an upward trend in the growth rate. The growth in agriculture, forestry and fishing was 1.7 per cent, mining and quarrying 5.5 per cent, construction 2.6 per cent, and financial, insurance, real estate and professional services 5.7 per cent.

GDP growth rate at constant prices during the second quarter of this fiscal is estimated at six point three per cent which is up from five point seven per cent over the first quarter.

According to Central Statistics Office (CSO) data, the economic activities that registered growth of over 6 per cent in the second quarter are manufacturing, electricity, gas, water supply, other utility services and trade, hotels, transport and communication, and services related to broadcasting.

"Indias economic stress continues; GDP far below at 6.3 pc compared to 7.5 pc of Q2 of past year! - a close scrutiny reveals the real picture of the economic mess created by BJP Government", he said in a statement.

Replying to a question on how the implementation of GST has impacted the GDP, Anant said "it introduced a measure of statistical challenge for us" while calculating the growth rate.

Moody's Investors Services recently upgraded India's sovereign rating for the first time in almost 14 years, saying the country was poised for fast growth because of wide-ranging economic and institutional reforms by Prime Minister Narendra Modi's government.

Earlier this month, rating agency Moody's - which upgraded India's credit rating to Baa2 from Baa3 and changed its India outlook to positive from neutral - said it expected the economy to grow at 6.7 per cent this fiscal and rise to 7.5 per cent in 2018-19.

New Delhi:Finance Minister Arun Jaitley on Thursday said India has standardised itself for a 7-8 per cent growth rate on the back of improving macroeconomic fundamentals. Reliance Industries, SBI and ICICI bank were among those who recorded loses.

He said deceleration trends in overall growth witnessed since Q1 of the last fiscal year had been reversed. "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.

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