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Economy grows 6.3% in Q2 after 15 months
03 December 2017, 01:14 | Melanie Burgess
Statistics rolled out by CSO today will reveal if the impact of GST implementation still holds sway over factory output or is the worst over
The country's fiscal deficit crossed 96 per cent of budget estimates at October-end, according to government data. "The numbers indicated that the impact of demonetisaton and GST (Goods and Services Tax) are behind us", he added.
Striking a note of caution, the Congress also said the rebound in economic growth is nothing but what it called the Modi governments "desperate spin to hide its luminous underperformance".
While investment grew by 4.6 per cent in Q2 compared to 1.6 per cent in the first quarter on a year-on-year basis, its share in GDP fell to 27.5 per cent from 29.9 per cent in Q1, indicating that GST-related stress in the economy had not dissipated.
His comments come ahead of the second quarter GDP data that will be released by the Central Statistics Economy later this evening.
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.
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Jaitley further said, "Government's reforms to push economic growth are working, (and it) can be seen from that: manufacturing has shown robust growth of 7 per cent in Q2 and services at 7.1 per cent".
This prompted Finance Minister Arun Jaitley to say that the impact of demonetisation and the GST were behind us. "Gross fixed capital formation has also picked up from last year's lacklustre pace".
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.
Reversing a five-quarter slide in Gross Domestic Product (GDP) growth, the economy bounced back from a three-year low to expand by 6.3% in July-September as manufacturing revved up and businesses adjusted to the new GST tax regime. "It's possible that anticipating the need for the festive season, most of the production went into the sale and inventory restocking may happen later...inventory accumulation effect may persist in the third quarter as well", he explained. Manufacturing grew 7% while agriculture growth was 1.7%, down from 2.3% in the trailing quarter.
"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.
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