Wait for 3-4 quarters before concluding on growth rate: Chidambaram

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"After nearly 5 quarters of decline, GDP marks a reversal which is very encouraging", Chief Statistician of India TCA Anant said in a press conference in New Delhi.

Finance Minister Arun Jaitley on Thursday said that India has standardised itself for a 7 to 8 per cent growth rate and would need Rs.50 lakh crore investment in next 5 years. "After the five quarters of growth decline, we see reversal of GDP in the second quarter", he said.

The GDP growth had hit a three-year low in the first quarter of 2017-18.

"It is well accepted that investment in infrastructure is essential to growth, it increases the productivity of existing resources and crowds in private investment, which in turn creates more jobs and leads to economic well-being", he said. "But we can not say now whether this will mark an upward trend in the growth rate", Chidambaram added.

Jailtey said achieving a 10% economic growth rate is "very challenging" and double-digit GDP growth will depend on how the world economy moves. Prominent Indian firms had their best profit growth in last six quarters in July-September, according to Thomson Reuters data. "In the previous quarter, businesses were delaying production amid preparations for the GST launch", he said, adding that the output in the September quarter is primarily for consumption and sales.

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"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.

"Robust growth of 7.6 percent in electricity and other utilities, and 9.9 percent in trade, transportation and communications also powered this acceleration", the FM said, adding "Overall, the services sector recorded a growth of 7.1 percent in the second quarter".

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 growth in the "agriculture, forestry and fishing", "mining and quarrying", "construction" "financial, insurance, real estate and professional services" and "Public administration, defence & other services" is estimated to be 1.7 percent, 5.5 percent, 2.6 per cent, 5.7 percent and 6.0 percent respectively, during this period", said the press release. Great news that quarterly GDP growth accelerates to 6.3 per cent against 5.7 per cent from the previous quarter.

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