Deceleration trend in overall growth has been now reversed: Jaitley

Arun Jaitley

"Indias economic stress continues; GDP far below at 6.3 pc compared to 7.5 pc of Q2 of previous year! - a close scrutiny reveals the real picture of the economic mess created by BJP Government", he said in a statement.

Former finance minister P Chidambaram said he was happy that the July-September quarter has registered a growth rate of 6.3 per cent and described it a "pause" in the declining trend of the last five quarters.

Replying to a question on how the implementation of GST has impacted the GDP, Anant said "it introduced a measure of statistical challenge for us" while calculating the growth rate.

The fiscal second quarter (July-September), which coincided with the July 1 roll-out of GST, saw GDP growth accelerate to 6.3%, from 5.7% in the first quarter.

Chidambaram also said that "6.3 per cent is far below the promise of the Modi government and far below the potential of a well-managed Indian economy".




The Narendra Modi government on Thursday cited its policies for the acceleration of the country's gross domestic product (GDP) to 6.3 per cent during the second quarter (Q2) of 2017-18. "This indicates perhaps the impact of two significant structural reforms - demonetisation and GST - is now behind us and hopefully in the coming quarters we can look forward to an upward trajectory", said finance minister Arun Jaitley after the GDP data was released. No jobs. Effects of note ban scam and unplanned GST continue to damage economy. Chief Statistician TCA Anant hinted that the numbers could be revised upwards as businesses uncertain of the new GST regime may have accounted for lesser taxes.

Speaking at the HT Leadership Summit here, he said India has done well by growing at 7-8 per cent during the last three years. "After the five quarters of growth decline, we see reversal of GDP in the second quarter", he said.

While manufacturing grew rapidly at 7% in the September quarter from merely 1.7% in the first quarter (April-June), the growth in electricity and other utilities was recorded at 7.6% and it was nearly 10% in trade, hotel, transportation and communication.

Reversing the five quarters of slowing GDP growth, Indian economy expanded by 6.3 per cent in July-September on the back of a pick-up in manufacturing.

Mr Anant said, agriculture, forestry and fishing sectors are estimated to have grown by 1.7 per cent. The growth in public administration, defence and other services also stood at 6 per cent.

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