Economy rebounds: GDP growth rate rises to 6.3% in September quarter

GDP brings cheers for PM Narendra Modi grows at 6.3% in Q2

He has been grappling with slowing growth in the past five quarters, with the economy dragged down by subdued private investments, an unprecedented cash ban imposed previous year and the introduction of a country-wide consumption tax in July. The Government data released on Thursday, no doubt, showed a positive sign of growth trajectory, overcoming teething troubles after the bumpy launch of Goods and Services Tax (GST).

"Growth numbers are in sync with the expectations and re-affirm that signs of recovery are in sight", said Pankaj Patel, President of Ficci. "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). "Also, the government should look at further consolidating its reform agenda in the Union Budget to be announced two months from now to give further boost to investment". With the January-March quarter result, India had lost its fastest growing economy to China, which grew at 6.9 per cent.

Expressing concern on the GDP numbers, Finance Minister Arun Jaitley said, "Last five quarters had witnessed a downward trend, GDP at 6.3% marks the reversal of that trend. Gross fixed capital formation has also picked up from last year's lacklustre pace".

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India's growth as measured by the gross domestic product (GDP) was 6.3% in the second quarter, up from 5.7% in the previous quarter which according to Anant "shows a significant trend reversal in growth rates, indicating it is returning to more normal levels". "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.

"GST has made doing business and trade very easy". Since May 2014, out of the 13 quarters, we have clocked upwards 7 per cent eight times, and we fell below 6 per cent only once in the last quarter.

" The economic activities which registered growth of over 6.0 percent 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 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.

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