losangelesnewstoday.com
losangelesnewstoday.com December 17, 2017


Economy grows 6.3% in Q2 after 15 months

03 December 2017, 01:09 | Maryann Sutton

Credit Reuters

Credit Reuters

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

However, the growth of eight core-sector industries slowed to 4.7 per cent in October and agriculture growth slumped to 1.7 per cent.

In July-September, auto sales, manufacturing, electricity generation grew more quickly than in the previous quarter.

Opposition Congress on Thursday observed that GDP growth was a "temporary pause" from the downward trend though an "encouraging sign". 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 a year ago and the introduction of a country-wide consumption tax in July.

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.

Commenting on the demonetisation drive previous year and its impact on India's growth, Anant said the move will be very hard to read from GDP numbers.

"Buoyed by the overall improved GDP number, Finance Minister Arun Jaitley said, "perhaps the impact of two structural reforms â€" GST and demonetisation were behind us". 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 per cent in Q1 to 4.7 per cent in Q2".

Blue Alert Issued For Suspect In Texas State Trooper Shooting
He then returned to the patrol unit after which the suspect fired multiple shots with a rifle at him, killing him on the scene. Authorities in Texas say the man suspected of killing a state trooper during a traffic stop has been taken into custody.

Former finance minister P Chidambaram, however, said 6.3% growth was "far below the promise of Modi government and potential of the well managed Indian economy".

Modi government hopes the ratings upgrade can attract more foreign investors, who pumped United States dollars 15 billion into Indian equities in July-September, up 44 percent from the previous quarter.

The agriculture, forestry and fishing sector is estimated to have grown by 1.7 percent.

The Central Statistics Office's (CSO) data disclosed that GDP for Q2 stood at Rs 31.66 lakh crore, or a growth of 6.3 per cent.

"We expect the growth to pick up to 7.6 per cent in the second half of this fiscal, helped by low-base effect of the second half of fiscal 2017", the ratings agency said in a statement.

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".



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