Economy grows 6.3% in Q2 after 15 months

Robyn Valdez
December 3, 2017

Chandrajit Banerjee, director general, CII, said, "The rebound in GDP growth to 6.3%, after the uninspiring performance of the previous quarter is noteworthy and a great confidence booster". "Demonetisation and GST's impact is behind us and hopefully, in coming quarters, we can look for an upwards trajectory".

Reiterating the structural reforms would benefit the economy in the medium and long-term, the FM, responding to questions on Q2 growth estimates, said: "The GST has made doing business and trade very easy. 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).

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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. With the January-March quarter result, India had lost its fastest growing economy to China, which grew at 6.9 per cent. Mr Anant said, the manufacturing sector in the second quarter of 2017-18 grew by 7 per cent. The finance minister said a cogent GST mechanism has been developed and no country in the world has 5 per cent tax rate. "Gross fixed capital formation has also picked up from last year's lacklustre pace", he said. "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.

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

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Reversing a downward trend of 15 consecutive months, India's economy grew 6.3% in the second quarter (July- September) backed by an acceleration in manufacturing and mining sectors but agriculture and construction, the two largest employers, continued to disappoint.

While manufacturing grew rapidly at 7% in the September quarter from merely 1.7% in the first quarter (April-June), the growth in electricity and other utilities was recorded at 7.6% and it was nearly 10% in trade, hotel, transportation and communication. The growth in public administration, defence and other services also stood at 6 per cent.

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