Business
GDP numbers for September quarter were recorded after the implementation of the GST.
Updated : Nov 30, 2017, 06:04 PM IST
GDP numbers for September quarter were not just a good news for Indian economy but also brought cheers for Prime Minister Narendra Modi's government.
According to the data released on Thursday, India's GDP numbers witnessed 6.3 per cent growth in September quarter which was 5.7% in the previous year for the same period.
Development economy will get further boost with unprecedented investments in Infra,logistics by @narendramodi Govt,aiming at 10% of GDP, pic.twitter.com/MsEhCvAAOL
— Suresh Prabhu (@sureshpprabhu) November 30, 2017
The economic activities which registered growth of over 6 per cent in Q2 of 2017-18 over last year are manufacturing, electricity, gas, water supply and other utility services including trade, hotels, transport and communication and other services related to the broadcasting.
Transformational reforms under PM @narendramodi ji bearing fruit through faster growth and prosperity for all. Quarterly GDP growth accelerates to 6.3% vs 5.7% in the previous quarter.
— Piyush Goyal (@PiyushGoyal) November 30, 2017
To the government's delight, manufacturing growth was at 7 per cent, power and gas was 7.6 per cent, trade, hotels, transport and telecom saw a hike of 9.9 per cent, while public administration and defence increased at 6 per cent.
GDP growth recovers to 6.3% in Q2 from a 3-year low of 5.7% in Q1: TCA Anant, Chief Statistician pic.twitter.com/YkXfzCPRGI
— ANI (@ANI) November 30, 2017
Construction growth saw an increase of 2.6 per cent and finance and real estate sector grew at 5.7 per cent.
In Q2, the growth in the agriculture, forestry and fishing, mining and quarrying, construction, financial, insurance, real estate and professional services and Public administration, defence & other services is estimated to be 1.7 per cent, 5.5 per cent, 2.6 per cent, 5.7 per cent and 6.0 per cent respectively.
LIVE Now: Press Conference by Chief Statistician of India & Secy, MOSPI Dr.T.C.A.Anant on Quarterly Estimates of #GDP for Second Quarter of 2017 pic.twitter.com/WbqYBtEPf3
— PIB India (@PIB_India) November 30, 2017
The government data showed that the country’s fiscal deficit also crossed 96 per cent of budget estimates at October-end.
It is also to be noted that these numbers were recorded after the implementation of the Goods and Services Tax (GST) Bill.
The new numbers indicated that after the major slowdown, Indian economy have been on a recovery track.
Earlier in the day, Commerce Minister Suresh Prabhu said, "In the next few years time we will have $5 trillion of GDP, so $1 trillion of that will come from manufacturing and the substantial part of that, we are aiming to get from small and medium enterprises (SMEs)"
He said, the government is trying to be a part of the global supply chains, identifying and creating opportunities.
"In the process we will be very happy to collaborate with our friends from Africa, from other developing countries, to be a part of this process," Prabhu added.