AMN /NEW DELHI
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 cannot say whether this will mark an upward trend in the growth rate.
“I am happy that the July-Sept quarter has registered a growth rate of 6.3 per cent. This is a pause in the declining trend of the last five quarters.
“But we cannot say now whether this will mark an upward trend in the growth rate. We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion,” Chidambaram said in his reaction to the latest GDP figures released by the Central Statistics Organisation (CSO).
GDP growth rate at constant prices during the second quarter of this fiscal is estimated at six point three per cent which is up from five point seven per cent over the first quarter.
It was 7.5 per cent in the corresponding period of last year.
Releasing GDP data in New Delhi today, Chief Statistician of India T C A Anant said the GDP growth has seen a reversal trend from declining trend in the last five quarters.
He said, this growth happened on the back of good growth in manufacturing sector, electricity, gas, water supply and other utilities. Mr Anant said, the manufacturing sector in the second quarter of 2017-18 grew by 7 per cent.
Mr Anant said, agriculture, forestry and fishing sectors are estimated to have grown by 1.7 per cent.
Finance Minister Arun Jaitley has said, the GDP rate at 6.3 percent marks the reversal of declining trend in the last five quarters.
Briefing reporters in New Delhi today, Mr. Jaitley said, the most significant aspect is that this quarter’s positive result has been significantly impacted by the growth in manufacturing.
He said the government reforms to push economic growth are working can be seen from the robust growth of seven percent in manufacturing and 7.1 percent in services in the second quarter of this fiscal.
Meanwhile, senior Congress leader P Chidambaram said, the growth rate of 6.3 is a pause in the declining trend of the last five quarters. However, it cannot be said now whether this will mark an upward trend in the growth rate.
The former Finance Minister said, 6.3 percent rate is far below the promise of the Narendra Modi government.