Jaitley said the positive point is growth has increased owing to pickup in manufacturing sector.
Union Finance Minister Arun Jaitley on Thursday hailed Q2 GDP growth at 6.3%. Addressing a press conference, Jaitley said that the most significant aspect is after five quarters, GDP growth is on an upward trajectory. He said that it marks reversal of the trend. Arun Jaitley also said that, " Demonetisation and GST's impact is behind us and hopefully in coming quarters, we can look for an upwards trajectory".
He said that the greatest significance is GDP growth has been fuelled by growth in manufacturing sector and investment has moved up. Arun Jaitley said that in the coming quarters growth will speed up more.
The gross domestic product (GDP) growth had hit a three- year low of 5.7% in the first quarter of 2017-18. It was 7.5% in the September quarter of 2016-17. According to Central Statistics Office (CSO) data, the economic activities that registered growth of over 6% in the second quarter are manufacturing, electricity, gas, water supply, other utility services and trade, hotels, transport and communication, and services related to broadcasting. The agriculture, forestry and fishing sector is estimated to have grown by 1.7%.
"The GDP at constant (2011-12) prices in Q2 of 2017-18 is estimated at Rs 31.66 lakh crore, as against Rs 29.79 lakh crore in Q2 of 2016-17, showing a growth rate of 6.3%. Quarterly GVA (Gross Value Added) at basic price at constant (2011-12) prices for Q2 of 2017-18 is estimated at Rs 29.18 lakh crore, as against Rs 27.51 lakh crore in Q2 of 2016-17, showing a growth rate of 6.1% over the corresponding quarter of previous year," said cheif statistician TCA Anant.
The GVA is the measure of the value of goods and services produced in an area, industry or sector of an economy, in economics. The GDP is the monetary value of all the finished goods and services produced within a country's borders in a specific time period." The economic activities which registered growth of over 6.0% in Q2 of 2017-18 over Q2 of 2016-17 are manufacturing, electricity, gas, water supply and other utility services and trade, hotels, transport and communication and services related to broadcasting,"said Dr. Anant.
"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%, 5.5%, 2.6 per cent, 5.7% and 6.0% respectively, during this period,"he added. Dr. Anant further said that construction continues to be low.
"It is indicator driven and based on steel and cement, and those numbers have not show high growth," said Dr. Anant.
With agency inputs
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