Breaking a five quarter slump, a rise in the manufacturing sector's output pushed India's growth rate higher to 6.3 percent during the second quarter of 2017-18, official data showed on Thursday, even as industry hailed the signs of economic recovery and the government said the twin impact of demonetisation and GST "are behind us".
On a sequential basis, the growth during the second quarter of the current fiscal was 6.3 percent, from 5.7 percent reported during the first quarter of 2017-18.
According to data from the Central Statistics Office (CSO), the GDP for Q2 stood at Rs 31.66 lakh crore, or a growth of 6.3 percent. India's GDP had grown at 7.2 percent in the corresponding quarter last year.
Boost from manufacturing sector. Reuters
On gross value added (GVA) basis, which includes taxes but excludes subsidies, India had registered a growth of 6.1 percent during the quarter in consideration over the corresponding quarter last year, the CSO said. The GVA during the first quarter ending June came in at a lower 5.6 percent.
"The economic activities which registered growth of over 6 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'," said the document on the estimates of GDP for the Q2 of 2017-18.
"The growth in the 'agriculture, forestry and fishing', 'mining and quarrying', 'construction', 'financial, insurance, real estate and professional services' and 'public administration, defence and other services' is estimated to be 1.7 percent, 5.5 percent, 2.6 percent, 5.7 percent and 6 percent respectively, during this period," it said.
Growth in gross fixed capital formation (at constant price) or investment on a year on year basis, rose to 4.7 percent in July-September quarter 2017 from 5 percent a year-ago and from 1.6 percent in April-June quarter of current year. However measured as percent of GDP it fell to 28.9 percent in September quarter from 29.8 percent in June quarter.
Government consumption expenditure growth also fell drastically to 4.1 percent in September quarter from 17.2 percent in June quarter while growth in private consumption expenditure slipped to 6.5 percent from 6.7 percent during the same period.
Here are five charts that captures the internals of the economic growth data:
(With inputs from IANS)
Published Date: Dec 01, 2017 01:27 pm | Updated Date: Dec 01, 2017 01:33 pm
