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03 December 2017, 01:14 | Vickie Mathis
Has the tide turned?
The government accounts data, released earlier in the day, showed that the Centre's fiscal deficit touched 96 per cent of the budget estimate in the first seven months of the year. 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).
The country witnessed the GDP growth of 5.7 per cent in April-June quarter, the lowest growth rate since Modi took over as PM, while it was 7.5 per cent in the September quarter of the previous fiscal.
He further said that the two structural reforms - GST and demonetisation - will benefit the economy in the medium and long-term.
Finance Minister Arun Jaitley has said, the GDP rate at 6.3 percent marks the reversal of declining trend in the last five quarters. Mr Anant said, the manufacturing sector in the second quarter of 2017-18 grew by 7 per cent. Gross fixed capital formation has increased from 1.6% in Q1 to 4.7% 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.
In what could bring a big cheer for the government after five quarters of slump and also indicate that the Indian economy is recovering from the effects of demonetisation and GST rollout, the Gross Domestic Product (GDP) for the September quarter jumped to 6.3 per cent from 5.7 per cent in the earlier quarter.
It expects the economy to grow 6.7 percent in the fiscal year ending March 31, and 7.5 percent the following year.
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.
While the rebound in GDP growth in the second quarter can act as a "confidence booster" for the economy, the slowdown in the services sector, including finance, transport and hotels, as well as in agriculture is cause for concern, according to industry bodies and consultants.
Modi government hopes the ratings upgrade can attract more foreign investors, who pumped Dollars 15 billion into Indian equities in July-September, up 44 percent from the previous quarter.
Mining also posted a sharp uptick in growth to 5.5 per cent from a decline of 0.7 per cent in the previous quarter.
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