Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
18 March, 2018 07:32 IST
Deceleration trend in overall growth has been reversed.: FM
Source: IRIS | 01 Dec, 2017, 01.48PM
Comments  |  Post Comment

The Union Finance Minister Arun Jaitley said that the deceleration trend in overall growth, which was witnessed since the First Quarter of last Fiscal Year, has been now reversed. The Finance Minister was responding to the real GDP growth data for the Second Quarter of Fiscal Year 2017-18 which was released here by the CSO. As per the data, the real GDP growth is estimated at 6.3 percent, a substantial increase from 5.7 percent in the first quarter. Real GVA growth has shown a similar increase from 5.6 percent in the first quarter to 6.1 percent in the second quarter, despite a deceleration in agricultural growth from 2.3 percent in the first quarter to 1.7 percent in the second.

Jaitley further said that 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. Robust growth of 7.6 percent in electricity and other utilities, and 9.9 percent in trade, transportation and communications also powered this acceleration. Overall, the services sector recorded a growth of 7.1 percent in the second quarter.

Encouragingly, the rate of growth of gross fixed capital formation has also increased from 1.6 percent in the first quarter to 4.7 percent in the second quarter. Real private consumption growth has broadly held steady at 6.5 percent.

‚ÄčThe Finance Minister concluded that the economy now seems to have weathered the transitional challenges experienced earlier in the year and appears poised for a durable recovery going forward.

Comments Post comment 
 Post Comment
Name Email
Security Code type    into this box
Related Articles
Blockchain tech can resolve inefficiencies in India's current trade finance system: Study - 16-Mar-2018 10:10
WPI inflation eases to 7-month low in February'18 - 14-Mar-2018 16:23
World Bank projects 7.3% growth for India in 2018-19 - 14-Mar-2018 16:13
World Bank projects 7.3% growth for India in 2018-19, and 7.5% in 2019-20 - 14-Mar-2018 16:10
World economy is stronger, but tensions are rising: OECD - 14-Mar-2018 10:45
CPI inflation eases to 4.44% in February'18 - 13-Mar-2018 08:50
Industrial production rises to 7.5% in January 2018 - 13-Mar-2018 08:38
Current account deficit may to rise to 1.9-2.0% of GDP in FY18, FY19: ICRA - 12-Mar-2018 09:32
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer