Published: Sat, December 02, 2017
Global | By Shelia Dennis

India's economy posts first growth in five quarters

India's economy posts first growth in five quarters

The International Monetary Fund said it expects India's economy to recover to 7.2 percent growth this year and accelerate to 7.7 percent in 2018.

In its economic outlook, the Federation of Indian Chambers of Commerce and Industry said the slowdown in the economy due to the twin shocks of demonetisation and GST "seems to be bottoming out".

In the fourth quarter of 2013-14, economy had grown at 4.6 per cent.

India's economy posts first growth in five quarters
India's economy posts first growth in five quarters

India's economy grew 6.3 percent in the quarter ending in September from a year earlier, rebounding from 5.7 percent growth in the previous quarter, according to government statistics released November 30.

Ranen Banerjee, partner (public finance and economics), PwC India, said in a statement, "the GDP numbers for Q2 are not surprising and it is on expected lines given the re-stocking in manufacturing that has taken place in this quarter post the GST roll out".

Underlining the strong fundamentals of the economy, Finance Minister Arun Jaitley on Thursday said India has standardised itself for a growth rate of seven per cent to eight per cent.

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Lauding the government over the growth figures, Shah said, "Today?s GDP numbers reiterate the #IndiaUnstoppable story under PM Narendra Modi".

"Growth numbers are in sync with the expectations and re-affirm that signs of recovery are in sight", said Pankaj Patel, President of Ficci. "Trade, hotels, transport and communication; financing, insurance, real estate and business services and community, social and personal services account for more than 60 percent of GDP".

Maharashtra Chief Minister Devendra Fadnavis tweeted: "A big blow to all those who were criticising GST's historic decision!" However, agriculture growth slumped to 1.7 per cent.

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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.

India Inc expressed happiness over an increase in GDP to 6.3% from 5.7% in the last quarter and said as the GST settles down, the growth rate would be even higher. We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion.

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