The recent changes in the GST rates have both troubled and relieved the people a bit. Will the Finance Minister’ s new decision cause more trouble?
Union Finance Minister Arun Jaitley today lauded the upward movement of the GDP number for the second quarter of 2017-18. He said that the rise in growth after five quarters marks the reversal of the trend and the economy will witness high growth rates in the coming quarters.
At a press meet here after the Central Statistics Office (CSO) released the GDP for Q2, which stood at Rs 31.66 lakh crore or a growth of 6.3 percent, Jaitley said “while this was broadly an initial analysis of the figures, “hopefully we can take to higher growth rate in the coming quarters.”
“Last five quarters have witnessed downward trend. The 6.3 percent rise during Q2 of 2017-18 marks the reversal of that trend. This additionally indicates that the impact of demonetization and Goods and Services Tax is now behind us and hopefully in the coming quarters will take an upward trajectory,” Arun Jaitley said.
The Minister noted that the most significant aspect is the fact that this quarter’s positive result has been impacted significantly by the growth in manufacturing.
Earlier, Chief Statistician of India (CSI) TCA Anant had said that ‘after almost 5 quarters of decline, GDP marks a reversal which is very encouraging’. He had informed that good growth figures — – manufacturing reported growth of 7%, electricity, electricity, gas and water supply grew at 7.6 % and trade hotels, transport, and communication grew at 9.9%, pushed the GDP.
Anant had, however, noted that construction continues to be low.
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