Published: Fri, December 01, 2017
Money | By Charlene Sutton

GDP growth a temporary pause, says Congress

GDP growth a temporary pause, says Congress

Mr. Anant said the GDP data for the second quarter could see an upward revision when the government released its revised estimates as it would reflect the final indirect tax collections - a figure that would include the taxes collected from late filers as well.

The GDP of Asia's third-largest economy grew 6.3% in the three months through September compared to a year earlier, according to government data issued Thursday.

"Buoyed by the overall improved GDP number, Finance Minister Arun Jaitley said, "perhaps the impact of two structural reforms â€" GST and demonetisation were behind us".

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It was destocking in the first quarter of 2017-18 due to pre-GST jitters that had pulled down gross domestic product (GDP) growth to a more than three-year low.

The GDP is the monetary value of all the finished goods and services produced within a country's borders in a specific time period.

The country witnessed the GDP growth of 5.7 per cent in April-June quarter, the lowest growth rate since Modi took over as PM, while it was 7.5 per cent in the September quarter of the previous fiscal.

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Jaitley said the acceleration in growth this quarter has been helped by a rapid growth in manufacturing which increased from 1.2 percent in the first quarter to 7 percent in the second quarter. "In the coming quarters, the GST reforms in terms of rates and compliance should play a significant part in manufacturing sector growth". "In the previous quarter, businesses were delaying production amid preparations for the GST launch", he said, adding that the output in the September quarter is primarily for consumption and sales.

"Manufacturing reported growth of 7 per cent, electricity, gas and water supply at 7.6 per cent, and trade, hotels, transport and communication grew at 9.9 per cent", he said.

Mr Anant said, agriculture, forestry and fishing sectors are estimated to have grown by 1.7 per cent. Coming close on the heels of Moody's recent upgrade of India's sovereign credit for the first time in almost 14 years, the growth buoyancy is a shot in the arm for the Modi government, which has been fighting off charges that demonetisation and GST launch disrupted the $2.4-trillion economy.

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"Manufacturing growth has been one of the main reasons for the encouraging growth rate figure of 6.3 per cent for 2nd Quarter", he added. The growth in public administration, defence and other services also stood at 6 per cent.

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