- Gross Domestic Product was 7.6 per cent in the second quarter of the last fiscal.
- The Indian economy grew at 7.3 per cent in the September quarter of current fiscal, up from 7.1 per cent in the previous three months, mainly on improved performance of manufacturing, services and trade sectors.
- Gross domestic product grew by 7.3% in the quarter ended September, a slight increase from the previous quarter and much stronger than China’s 6.7%.
- That means India is still the fastest growing major economy in the world.
- The boom could come to an abrupt halt, however, when data for the current October-December quarter is published early next year.
- That’s because a bombshell announcement on Nov. 8 scrapping the 500 and 1,000 rupee notes has drained billions of dollars worth of cash from the economy.
- According to the data released by the Central Statistics Office (CSO), the Gross Value Added (GVA), which is estimated at the basic price, showed a growth of 7.1 per cent in the second quarter of 2016-17, compared to 7.3 per in the year ago period.
- The GDP growth data is calculated under the new methodology at market price, while GVA is calculated primarily at factor cost. GDP is GVA plus taxes on products, minus subsidies on them.
- The sectors which registered growth of over 7 per cent in July-September quarter are public administration, defence and other services, financial, insurance, real estate and professional services, manufacturing and trade, hotels and transport and communication and services related to broadcasting.
- Growth in agriculture and mining and quarrying and construction is estimated to be 1.8 per cent and 1.5 per cent respectively. Forestry and fishing sector declined by 0.4 per cent.
- Analysts estimate growth over the next two quarters could drop by as much as 1% or more. Fitch Ratings this week cut its growth forecast for the current financial year to 6.9% from 7.4%.
- But if India succeeds in bringing more “black money” into the banking system, and getting a bump in tax revenues as a result, it could remain an attractive bet for foreign investors, particularly if it presses ahead with other reforms.
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