Deceleration trend in overall growth has been now reversed: Jaitley

Government figures showed Asia's third-largest economy expanded for the first time in five quartersMore

Echoing Prabhu's sentiment, Information Technology Minister Ravi Shankar Prasad said: "India's GDP growth rate shows upward trend in 2nd quarter of 2017-18 and registers a growth rate of 6.3 per cent".

Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Thursday said latest Gross Domestic Product (GDP) estimates show economic activities are increasing in the country.

Jaitley said the acceleration in growth this quarter has been helped by a rapid growth in manufacturing which increased from 1.2 percent in the first quarter to 7 percent in the second quarter.

"The September quarter GDP growth, he added, is quite a significant trend reversal and has been driven by pick-up in manufacturing". "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 percent, 5.5 percent, 2.6 per cent, 5.7 percent and 6.0 percent respectively, during this period", a press release by the government said.

Congress leader P Chidambaram today welcomed the rise in India's GDP growth rate but on a cautious note, saying it is a pause in the declining trend and one should wait for the next three-four quarters before drawing a definite conclusion.

In a relief for the Narendra Modi government, India's GDP growth finally picked up in the second quarter (July to September) of 2017-18, expanding by 6.3 per cent mainly due to good performance by the manufacturing sector.




"GDP growth recovers to 6.3% in Q2 from a 3-year low of 5.7% in Q1".

With the sign of growth trajectory, Finance Minister Arun Jaitley remained optimistic of a higher growth rate in coming quarters.

Moody's Investors Services recently upgraded India's sovereign rating for the first time in almost 14 years, saying the country was poised for fast growth because of wide-ranging economic and institutional reforms by Prime Minister Narendra Modi's government.

The services sector too slowed down to 7.1 per cent during the quarter. "The deceleration in overall growth witnessed since the first quarter of the last fiscal has been reversed", he said.

Former Finance Minister P Chidambaram on Thursday said he was happy that the economy has registered a growth of 6.3 per cent in the latest quarter but still one can not say whether this will mark an upward trend in the growth rate.

"Traditionally, July-September is a quarter where a lot of production takes place to cater to festive demand". Great news that quarterly GDP growth accelerates to 6.3 per cent against 5.7 per cent from the previous quarter.

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