Indian economy grows by 0.6% in Quarter 2 (Q2). In April-July GDP growth rate slums to 5.7% as reported by Central Statistics Office (CSO). But latest report by CSO released on Thursday shows that GDP rose to 6.3% as compare to last year Growth Rate still there is loss of about 1.2% as last year report of April-July (Q2) showed the Growth Rate of 7.5%. Which difference (b/w Last year and Today) is proved to be a chance for opposition to make comments.
Some opposition leaders showed there concern for Farmers’ , as agricultural sector have shown very bad result. Even the prices if vegetables is also at boom. Agriculture Growth rate have shown very bad growth rate of 1.7% as compared to 4.1% of year ago quarter. But growth recover have driven by manufacturing
TCA Anant , Chief Statistician of India, said that improvement in Growth Rate “is very encouraging” but it could be higher than 6.3% as indirect taxes are being collected on account of GST (Goods & Service Tax) which was rolled out from July 1.
Few days back Goldman Sachs , an U.S. based investment company finds India profitable for investing as they sees significant pick-up in growth for India. according to them India growth rate can go up to 8% in 2018. Significantly which will be higher than last year results.
Even Former Finance Minister shows his happiness regarding the recovery of Growth Rate. But was not sure that this will actually bring upward trend in Growth Rate……
The sudden results of ‘Demonitisation’ and ‘GST’ slight down the growth rate by aprox 2% .
India’s resources (and its utilization) are not capable enough to generate double-digit growth rate but with the help of global economy we could achieve it. domestic factors alone are not enough for double-digit growth rate but interaction with other economies can help in achieving the goal of 10%.