GST made doing business easier, increased market size for traders: Jaitley

Adjust Comment Print

Chandrajit Banerjee, director general, CII, said, "The rebound in GDP growth to 6.3%, after the uninspiring performance of the previous quarter is noteworthy and a great confidence booster".

However, it can not be said now whether this will mark an upward trend in the growth rate.

On a sequential basis, India's GDP growth for Q2 of the current fiscal went up to 6.3 per cent, from 5.7 per cent reported during the first quarter of 2017-18.

"The government should look at further consolidating its reform agenda in the forthcoming Union Budget 2018-19 to be announced two months from now to give further boost to investment", Patel added.

The gross fixed capital formation, a leading indicator for investment in the country, grew 4.7% in the September quarter up from just 1.6% in the previous one.

His comments come ahead of the second quarter GDP data that will be released by the Central Statistics Economy later this evening.

More news: YouTube Reels explained: How the Snapchat Stories-like tool works
More news: Hearthstone to get Three Expansions in 2018
More news: Former Iranian military hacker behind Game of Thrones leaks

Jaitley further said, "Government's reforms to push economic growth are working, (and it) can be seen from that: manufacturing has shown robust growth of 7 per cent in Q2 and services at 7.1 per cent".

The Finance Minister further said, "The deceleration in overall growth witnessed since the first quarter of the last fiscal has been reversed and the economy now seems to have weathered the transitional challenges experienced earlier in the year and appears poised for a durable recovery going forward".

Modi government hopes the ratings upgrade can attract more foreign investors, who pumped Dollars 15 billion into Indian equities in July-September, up 44 percent from the previous quarter.

The country's economic growth recovered to more than 6 per cent in the July-September quarter, backed by strong manufacturing, allaying doubts related to disruptions caused by the goods and services tax (GST).

"GST has made doing business and trade very easy".

"Indias economic stress continues; GDP far below at 6.3 pc compared to 7.5 pc of Q2 of past year! - a close scrutiny reveals the real picture of the economic mess created by BJP Government", he said in a statement. He also said the GDP growth of 6.3 per cent this quarter had been helped by a rapid growth in manufacturing that increased from 1.2 per cent in the first quarter to 7 per cent in the second quarter. The growth in public administration, defence and other services also stood at 6 per cent.