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

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

GDP numbers 'very encouraging': Key facts

The expansion in GVA in the first half of the current fiscal has been estimated at 5.8 per cent, down from 7.2 per cent in the year-earlier period. But we can not say now whether this will mark an upward trend in the growth rate.

We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion.

According to the finance minister, India managed 7% to 8% growth at a time the world was moving slowly.

Earlier in the day, Union Finance Minister Arun Jaitley hoped that the GDP will further improve in the coming quarters.

The FM further said, "the rate of growth of gross fixed capital formation has also increased from 1.6 percent in the first quarter to 4.7 percent in the second quarter".

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Releasing GDP data in New Delhi today, Chief Statistician of India T C A Anant said the GDP growth has seen a reversal trend from declining trend in the last five quarters.

The country witnessed the GDP growth of 5.7 per cent in April-June quarter, the lowest growth rate since Modi took over as PM, while it was 7.5 per cent in the September quarter of the previous fiscal.

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.

"Manufacturing growth has been one of the main reasons for the encouraging growth rate figure of 6.3 per cent for 2nd Quarter", he added.

He said, this growth happened on the back of good growth in manufacturing sector, electricity, gas, water supply and other utilities. He said the important thing to note was that growth has come due to the strong performance of the manufacturing sector.

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"This coupled with strong fundamentals hold promise for a great future of Indian economy under the leadership of Narendra Modi".

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.

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.

Indicating a possible cessation of the slide in India's Gross Domestic Product (GDP) seen over the last successive five quarters, government data released on Thursday, November 30, showed a growth rate of 6.3 per cent in the second quarter (July-September) of financial year 2017-18.

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