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

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

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

"Indias economic stress continues; GDP far below at 6.3 pc compared to 7.5 pc of Q2 of a year ago! - a close scrutiny reveals the real picture of the economic mess created by BJP Government", he said in a statement.

"The September quarter GDP growth, he added, is quite a significant trend reversal and has been driven by pick-up in manufacturing".

We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion. So, GST has had a major impact on this quarter's growth rate.

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

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In another tweet, he said that "6.3 per cent is far below the "promise" of the Modi government and far below the "potential" of a well-managed Indian economy". However, it can not be said now whether this will mark an upward trend in the growth rate.

Chief Statistician T C A Anant said it was indicative of growth returning to normal levels. Analysts says that it is an indication that firms are starting to recover after being hit earlier this year by uncertainty tied to the rollout of the GST and last year's notes ban. The GDP growth in the second quarter of 2017-18 compares to 5.7 per cent in April-June, the lowest growth rate since the Narendra Modi government took office, and 7.5 per cent in the September quarter of the previous fiscal, showed government data released on Thursday. "The growth in the "agriculture, forestry and fishing", "mining and quarrying", "construction" "financial, insurance, real estate and professional services" and 'Public administration, defence & other services" is estimated to be 1.7 percent, 5.5 percent, 2.6 per cent, 5.7 percent and 6.0 percent respectively, during this period", a press release by the government said.

In the services sector while trade, transport did well, the government finances grew rather slowly because of a muted deposit and loan growth in the banks.

Reversing a five-quarter slide in GDP growth, Indian economy bounced back from a three-year low to expand by 6.3 per cent in July-September as manufacturing revved up and businesses adjusted to the new GST tax regime. "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.

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