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

Robyn Ryan
December 3, 2017

However, the pace of growth was still way below 7.5 percent recorded in the corresponding quarter a year ago. The data also showed that the gross domestic product or GDP numbers expanded due to accelerated growth of manufacturing sector in the country.

Even the most pessimistic forecasts are for growth to rebound.

"GST has made doing business and trade very easy. The Modi governments efforts are ensuring better prospects for each Indian", he said in a statement and series of tweets. He has been grappling with slowing growth in the past five quarters, with the economy dragged down by subdued private investments, an unprecedented cash ban imposed previous year and the introduction of a country-wide consumption tax in July. Since May 2014, out of the 13 quarters, we have clocked upwards 7 per cent eight times, and we fell below 6 per cent only once in the last quarter.

The Finance Minister further said, "The deceleration in overall growth witnessed since the first quarter of the last fiscal has been reversed and the economy now seems to have weathered the transitional challenges experienced earlier in the year and appears poised for a durable recovery going forward".

"We can not say now whether this will mark an upward trend in the growth rate", he posted on Twitter.

The former Finance Minister said, 6.3 percent rate is far below the promise of the Narendra Modi government.

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. The (GDP) figures indicate that. Rabobank, which had correctly predicted the June quarter's 5.7% number, has forecast GDP will expand 5.9% for the three months ended September. "Only talking. No performance", Banerjee said in a tweet, attacking the central government.

The Finance Minister on Thursday said the country was back on the growth trajectory and the latest GDP boost from 5.7 per cent in the first quarter to 6.3 per cent in the second quarter would give fillip to job creation in the country.

The country's economic growth recovered to more than 6 per cent in the July-September quarter, backed by strong manufacturing, allaying doubts related to disruptions caused by the goods and services tax (GST). On the other hand, Moody's predicts that India would be the world's seventh-largest economy to grow at 6.7 per cent in 2017-18 and at 7.5 per cent in the next fiscal.

Other reports by VideoGamingPros

Discuss This Article

FOLLOW OUR NEWSPAPER