Jaitley: India has standardised itself for growth rate of 7-8%

Indian Economy

Opposition Congress on Thursday observed that GDP growth was a "temporary pause" from the downward trend though an "encouraging sign". The country's fiscal deficit crossed 96 per cent of budget estimates at October-end, according to government data. With the January-March quarter result, India had lost its fastest growing economy to China, which grew at 6.9 per cent.

The GDP growth had hit a three-year low in the first quarter of 2017-18.

With the sign of growth trajectory, Finance Minister Arun Jaitley remained optimistic of a higher growth rate in coming quarters.

"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.

Commenting on the Q2 GDP data CII's Director General Chandrajit Banerjee said: "The revival of the GDP growth print reinforces the perception that the economy is on a robust recovery phase and the short-term disruptions caused by demonetisation and GST are behind us". "Gross fixed capital formation has increased from 1.6 per cent in Q1 to 4.7 per cent in Q2".

Former Finance Minister P Chidambaram on Thursday said he was happy that the economy has registered a growth of 6.3 per cent in the latest quarter but still one can not say whether this will mark an upward trend in the growth rate.

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"Traditionally, July-September is a quarter where a lot of production takes place to cater to festive demand".

Gross value added (GVA), a key input of GDP that is tracked by the RBI, rose 6.1 per cent in July-September compared to 5.6 per cent in the June quarter this year and 6.8 per cent in the September quarter of the last fiscal.

"Indias rise in the World Banks ease of doing business rankings, upgrade by Moodys, praise by Standard & Poors and the strong growth in Q2 show that Indias rise is inevitable".

The agriculture, forestry and fishing sector is estimated to have grown by 1.7 percent. The growth of eight core sector industries, however, slowed to 4.7 per cent in October, down from 7.1 per cent recorded in the previous period.

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.

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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