7:03 PM In the long-term, the revenues in a more efficient system are bound to go up: FM
7:00 PM We’re hoping for higher growth rate in the coming years. Growth boost has happened due to rise in manufacturing: FM
6:58 PM Demonetisation and GST's impact is behind us and hopefully in coming quarters, we can look for an upwards trajectory: FM
6:56 PM Hopefully, we will go back to higher growth rates in coming quarters: Jaitley
6:53 PM Last five quarters had witnessed a downward trend; GDP at 6.3% marks the reversal of that trend: FM
6:52 PM Finance Minister Arun Jaitley addressing a press conference
6:30 PM Read experts' reaction here:
According to Central Statistics Office (CSO) data, the economic activities that registered growth of over 6 per cent 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 per cent.
6:13 PM Construction continues to be low. It is indicator driven and based on steel and cement, and those numbers have not show high growth : TCA Anant
6:10 PM Devendra Fadnavis tweets: A big blow to all those who were criticising #GST ‘s historic decision! Great News that quarterly GDP growth accelerates to 6.3% against 5.7% from the previous quarter. Thanks to the continuous reforms by Hon @narendramodi ji that our Nation is conquering peaks of success !
6:05 PM After 5 quarters of declining trend, we see a reversal in trend in GDP growth rate; it is very encouraging: Anant
6:04 PM Manufacturing growth has been one of the main reasons in the encouraging growth rate figure of 6.3 % for 2nd Quarter: TCA Anant
6:03 PM GDP growth recovers to 6.3% in Q2 from a 3-year low of 5.7% in Q1: TCA Anant
6:02 PM Performance in agriculture held up by non-crop sections: TCA Anant
5:58 PM Businesses facing problem in filing taxes due to GST: TCA Anant
5:58 PM After almost five quarters of decline, GDP numbers mark a reversal that is very encouraging: TCA Anant
5:57 PM Compared to last year, the performnace in agriculture is not good: TCA Anant
5:57 PM TCA Anant, Chief Statistician of India, speaking to media
5:51 PM Piyush Goyal tweets: 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.
5:49 PM Tushar Arora, senior economist, HDFC Bank says, "The GDP number is exactly in line with our expectations. Upbeat corporate earnings results have been reflected in the manufacturing sector. As the revival continues, we are likely to keep the annual (GDP) forecast unchanged at 6.5%."
5:44 PM HDFC CEO Keki Mistry says it's a strong jump
5:43 PM Financial, real estate growth at 5.7% vs 6.4% QoQ (vs 7% YoY)
5:41 PM Public, admin, defence growth at 6%vs 9.5% QoQ (vs 9.5% YoY)
5:41 PM Trade, hotel, transport growth at 9.9% vs 11.1% QoQ (vs 7.7% YoY)
5:40 PM Electricity growth at 7.6% vs 7% QoQ (vs 5.1% YoY)
5:40 PM Mining growth at 5.5% vs -0.7% QoQ (vs -1.3% YoY)
5:39 PM Construction growth at 2.6% vs 2% QoQ (VS 4.3% YoY)
5:39 PM Manufacturing growth at 7% vs 1.2% QoQ (vs 7.7% YoY)
5:38 PM Farm growth at 1.7% vs 2.3% QoQ (vs 4.1% YoY)
5:38 PM Q2 GVA at 6.1% vs 6.8% YoY (vs 5.6% QoQ)
5:36 PM Q2 GDP growth at 6.3%, rises from 5.7% in June quarter
5:33 PM BREAKING NEWS: Q2 GDP growth rises to 6.3% vs 5.7% q-o-q
"We managed for three years, a 7-8 per cent growth rate at the time when the world was moving slowly. And I think we effectively used that period, while we were growing between 7 and 8 per cent and the world was slow, in order to bring a series of structural changes in the economy. Certainly, it will help us in the medium and long term to expedite the growth itself.
"I'm realistic that to reach a double-digit growth we need to have a boom period that we had between 2003 and 2008. If the world is only on recovery mode, as the world today is, for an economy to generate that kind of demand on its own is going to be extremely difficult," he asserted.
5:20 PM "A 10 per cent growth is a very challenging figure and a 10 per cent growth will not depend merely on domestic factors. It will also depend on how the world is moving," says Jaitley
5:19 PM Arun Jaitley says the country will need a 'boom period' like during 2003 to 2008 in order to achieve 10 per cent growth, which is a 'challenging figure'
4:28 PM ALSO READ: INFOGRAPHIC Tracking GDP numbers
4:28 PM This also suggests that there could have been a major revival in economic activity during the quarter
4:27 PM According to Thomson Reuters data, top Indian firms recorded their best profit growth of the past six quarters in the July-September quarter
4:26 PM Prime Minister Modi has at present been facing criticism from various quarter over a hasty launch of GST in July
4:25 PM It could also give a fillip to Modi's Bharatiya Janata Party (BJP) in the crucial Guajarat Assembly polls next month
4:24 PM According to experts, an encouraging GDP growth number for the September quarter will prove a major boost for Prime Minister Narendra Modi an his reforms agenda
4:23 PM For July-September, the median in a Reuters poll of economists was for annual growth of 6.4 per cent. Forecasts ranged from 5.9 per cent to 6.8 per cent.
4:23 PM These factors led to a slide in economic growth for five quarters in a row
4:18 PM Also, ahead of the rollout of the GST regime, many business destocked. This also caused some slowness in the economy
4:17 PM Earlier, the government's decision to demonetise high-value currency of Rs 500 and Rs 1,000 denominations, announced by Prime Minister Narendra Modi on November 8 last year, cause a slowdown in the economy
4:11 PM Economists and experts expect good Q2 numbers, especially as businesses started reviving after a temporary slowdown caused first by demonetisation and later destocking ahead of the rollout of the GST regime from July 1
4:08 PM In some time today, the government will release official numbers capturing GDP growth in the second quarter of 2017-18 (July-September)
First Published: Thu, November 30 2017. 15:59 IST