Economy

GDP Growth Improves to 6.3% In July-September Quarter

GDP Growth Improves to 6.3% In July-September Quarter

GDP growth had slowed to a three-year low of 5.7 per cent in the April-June quarter.

Economists with Singaporean brokerage DBS also expect the headline growth to accelerate to 6.4 per cent for the second quarter, but cut its forecast for the full year 20 bps to 6.6 per cent largely on the dismal first quarter.

Jaitley said that improvement in the global economy and good monsoon will aid India GDP growth in the coming quarters which ought to be better if the country is to achieve the annual growth target.

India rose 30 places to 100 in the World Bank's latest rankings on ease of doing business, while ratings agency Moody's this month upgraded India's credit rating for the first time in more than a decade, citing Modi's economic reforms.

The economic activities which registered growth of over 6.0 percent in Q2 of 2017-18 are "manufacturing", "electricity, gas, water supply and other utility services and 'trade, hotels, transport and and services related to broadcasting".

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Gross Fixed Capital Formation (GFCF) in terms of GDP, at current and constant (2011-2012) prices are estimated at 26.4% and 28.9%, respectively during Q2 of 2017-18, as against the corresponding rates of 27.1% and 29.4% respectively in Q2 of 2016-17. He said the Goods and Services Tax (GST) had made transportation seamless, helping save thousands of crore as now trucks need not stop at tax booths.

The year-on-year (YoY) and quarter-on-quarter (QoQ) comparisons have shown expected differences, owing to the twin impacts of demonetisation in November 2016 and GST in July 2017.

The agriculture, forestry and fishing sector is estimated to have grown by 1.7 per cent.

Therefore, the BJP ministers and leaders have all been pressed to tweet positively, latching on to the "encouraging" development in the GDP growth rate, underwhelming though it is, compared to 7.5 per cent exactly a year back.

Even while beating expectations, second quarter GDP growth fell a bit short of China, with India still remaining the second fastest growing major economy behind the dragon.


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