Expert Views: India's economy grows 6.3 percent in July-Sept

Expert Views: India's economy grows 6.3 percent in July-Sept

"India has standardised itself ordinarily for a growth rate between 7 to 8 per cent". The country's fiscal deficit crossed 96 per cent of Budget estimates at October-end. "We also possibly need to examine whether the 3 percentage point increase in tax rate on services - from an effective 15% pre-GST to 18% under GST - is causing some demand side impact. This also indicates that perhaps the impact of two very significant structural reforms - demonetisation and GST - is behind us and hopefully in coming quarters we can look for an upwards trajectory", he said after the Central Statistics Office released the GDP data. It expects the economy to grow at 6.7 per cent this fiscal and rise to 7.5 per cent in 2018-19. The finance minister said a cogent GST mechanism has been developed and no country in the world has 5 per cent tax rate. Fixed capital formation, being up to 4.7%, means the investment is going upward.

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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Mr Juster congratulated Mr Modi for the ranking recently accorded to India by the World Bank on the ease of doing business. She will arrive at HICC at 3 PM to participate in Global Entrepreneurship Summit along with Prime Minister Narender Modi.

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.

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

As far as the CSO data is concerned, agriculture growth slumped to 1.7 per cent, but the economic activities that registered growth of over 6 per cent in the second quarter of 2017-18 year-on-year are manufacturing, electricity, gas, water supply and other utility services, trade, hotels, transport and communication and services related to broadcasting.

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

TMC chief and West Bengal Chief Minister Mamata Banerjee was, however, more vocal in her criticism and claimed that a growth of 6.3 per cent was "no growth".

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