Economy rebounds: GDP growth rate rises to 6.3% in September quarter

Economy rebounds: GDP growth rate rises to 6.3% in September quarter

Economy rebounds: GDP growth rate rises to 6.3% in September quarter

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. "Hopefully, growth in coming quarters will be on an upward trajectory", he told reporters after the GDP data was released. The growth in agriculture, forestry and fishing was 1.7 per cent, mining and quarrying 5.5 per cent, construction 2.6 per cent, and financial, insurance, real estate and professional services 5.7 per cent.

Jaitley said, "the economy now seems to have weathered the transitional challenges experienced earlier in the year and appears poised for a durable recovery going forward". With the January-March quarter result, India had lost its fastest growing economy to China, which grew at 6.9 per cent.

"We estimate India's full year GDP growth to pick up from 6.7 percent in FY18 to 7.3 percent and 7.5 percent in FY19 and FY20, respectively".

Agricultural growth fell to 1.7 per cent in Q2 from 2.3 per cent in the previous quarter because of a sharp decline in the production of foodgrains during the kharif season.

"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.

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Government's reforms to push economic growth are working can be seen from that manufacturing has shown robust growth of 7% in Q2 and services at 7.1%.

According to Assocham's Secretary General D.S. Rawat, the 6.3 per cent growth in the GDP for the second quarter has come "as a big relief to India Inc, in the backdrop of quite subdued performance of the previous quarter".

Jailtey said achieving a 10% economic growth rate is "very challenging" and double-digit GDP growth will depend on how the world economy moves.

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". The Q2 growth numbers place the government in a better position with respect to spending to spur economic activity. In the fourth quarter of 2013-14, economy had grown at 4.6 per cent.

On November 17, Moody's upgraded India's sovereign credit rating for the first time in almost 14 years, saying continued progress on economic and institutional reforms would boost its growth potential.

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