Finance

India Has Standardised Itself For 7-8% Growth: Arun Jaitley

India Has Standardised Itself For 7-8% Growth: Arun Jaitley”

China remained ahead of India for a third quarter in a row in July-September, posting 6.8 per cent growth.

Striking a note of caution, the Congress also said the rebound in economic growth is nothing but what it called the Modi governments "desperate spin to hide its luminous underperformance". "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).

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.

He further said that the two structural reforms - GST and demonetisation - will benefit the economy in the medium and long-term. With the January-March quarter result, India had lost its fastest growing economy to China, which grew at 6.9 per cent.

This prompted Finance Minister Arun Jaitley to say that the impact of demonetisation and the GST were behind us. Fixed capital formation, being up to 4.7%, means the investment is going upward.

"GST has made doing business and trade very easy".

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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 expansion in GVA in the first half of the current fiscal has been estimated at 5.8 per cent, down from 7.2 per cent in the year-earlier period.

Official data on Thursday showed that a rise in the manufacturing sector's output pushed India's growth rate higher to 6.3 per cent during the second quarter of 2017-18.

The country's economic growth recovered to more than 6 per cent in the July-September quarter, backed by strong manufacturing, allaying doubts related to disruptions caused by the goods and services tax (GST).

While manufacturing grew 7 per cent in the second quarter against 1.2 per cent in the first, services sector growth showed a significant decline to 7.1 per cent from 8.7 in the previous quarter on account of the muted performance of financial, insurance and real estate sectors.

TMC chief and West Bengal Chief Minister Mamata Banerjee was, however, more vocal in her criticism and claimed that a growth of 6.3 per cent was "no growth".



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