Rise in GDP growth rate pause in declining trend: Chidambaram

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

"We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion", Chidambaram said in his reaction to the latest GDP figures released by the Central Statistics Organisation (CSO). If it slows down, it is more towards 7 and if it paces up it is more towards 8 per cent growth. "But we can not say now whether this will mark an upward trend in the growth rate", Chidambaram added.

Addressing a press conference in New Delhi, Chief Statistician of India, Dr TCA Anant, said the recovery of GDP growth to 6.3% in Q2 from a 3-year low of 5.7% in Q1, after nearly 5 quarters of decline, "marks a reversal which is very encouraging".

The gross fixed capital formation, a leading indicator for investment in the country, grew 4.7% in the September quarter up from just 1.6% in the previous one.

With the sign of growth trajectory, Finance Minister Arun Jaitley remained optimistic of a higher growth rate in coming quarters.

A government press release said: "The economic activities which registered growth of over 6.0 percent in Q2 of 2017-18 over Q2 of 2016-17 are "manufacturing", "electricity, gas, water supply & other utility services and 'trade, hotels, transport & communication and services related to broadcasting". Analysts says that it is an indication that firms are starting to recover after being hit earlier this year by uncertainty tied to the rollout of the GST and last year's notes ban.

Mr Anant said, agriculture, forestry and fishing sectors are estimated to have grown by 1.7 per cent.

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Gross value added (GVA), a key input of GDP that is tracked by the RBI, rose 6.1 per cent in July-September compared to 5.6 per cent in the June quarter this year and 6.8 per cent in the September quarter of the last fiscal.

"The Modi governments efforts are ensuring better prospects for each Indian", he said in a statement and series of tweets. On the other hand, Moody's predicts that India would be the world's seventh-largest economy to grow at 6.7 per cent in 2017-18 and at 7.5 per cent in the next fiscal.

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.

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.

Former finance minister P. Chidambaram said the growth rate of 6.3 per cent was far below the "promise of the Narendra Modi government and far below the potential of a well-managed Indian econom".

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