Expert Views: India's economy grows 6.3 percent in July-Sept

Posted December 03, 2017

Chandrajit Banerjee, director general, CII, said, "The rebound in GDP growth to 6.3%, after the uninspiring performance of the previous quarter is noteworthy and a great confidence booster". 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).

He said deceleration trends in overall growth witnessed since Q1 of the last fiscal year had been reversed.

Syncing with recent Moody's upgrade of India's sovereign credit for the first time in almost 14 years, the growth buoyancy comes at a time when the Modi Government has been facing Opposition charges of wrong implementation of demonetisation and GST that disrupted the $2.4-trillion economy.

His comments come ahead of the second quarter GDP data that will be released by the Central Statistics Economy later this evening.

"It is likely that when revised estimates are prepared, indirect tax collections for this period may actually be higher than what we have reported", Anant said at a press conference while admitting that the GST introduced a "certain level of statistical challenge" in compiling the growth numbers.

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

Former finance minister P Chidambaram, a senior leader of the opposition Congress Party, said the result was "far below the promise of the Modi government and far below the potential of a well-managed Indian economy".

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

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

It expects the economy to grow 6.7 percent in the fiscal year ending March 31, and 7.5 percent the following year.

" The economic activities which registered growth of over 6.0 percent in Q2 of 2017-18 over Q2 of 2016-17 are "manufacturing", "electricity, gas, water supply & other utility services and "trade, hotels, transport & communication and services related to broadcasting".

Reversing a downward trend of 15 consecutive months, India's economy grew 6.3% in the second quarter (July- September) backed by an acceleration in manufacturing and mining sectors but agriculture and construction, the two largest employers, continued to disappoint.

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".