Business News
India GDP July-September 2017 Live Update: India close to $2.5 trillion economy in terms of GDP, says Arun Jaitley
The second quarter GDP growth rate is going to record the impact of the Goods and Services Tax on the economy for the first time since its implementation.
India is scheduled to announce the July-September GDP growth rate today at 5.30 pm. The second quarter GDP growth rate is going to record the impact of the Goods and Services Tax on the economy for the first time since its implementation. It is being estimated that India will embark upon an upward growth after 5-quarters of slowdown, especially after hitting a 3-year low to 5.7% in the previous quarter due to self-imposed noteban and massive destocking ahead of an ambitious switch to the GST regime.
Economists say the scenario has improved since then, the GDP growth is expected to rebound — between 6.2% and 6.6%. The Reuters poll of 52 economists has estimated the GDP growth at 6.4% from a year ago. If the GDP data matches estimates, it will break a five-quarter slowing trend and mark the best rate this calendar year.
Here are live updates on the second quarter GDP growth rate:
2.28 PM: India close to $2.5 trillion economy in terms of GDP, says Arun Jaitley
1.58 PM: India has standardised itself on a 7-8% growth rate on the back of improving macroeconomic fundamentals, says Arun Jaitley.
1.22 PM: The economic growth in the second quarter of the fiscal to be greater than the first quarter, a reversal in the slowdown to be seen, CNBC-TV18 reported citing government sources.
1.18 PM: Finance Minister Arun Jaitley says attaining 10% GDP growth rate is very challenging despite having achieved 7% growth rate over the last three years.
12.52 PM: The second quarter economic growth was cushioned by festive demand, and an uptick in industrial production, says Shashank Mendiratta, an economist at ANZ.
12.07 PM: Industry body FICCI estimates a GDP growth at 6.2 % saying that the country seems to be stabilising under the GST.
12.01 PM: Credit rating agency ICRA says that the economic growth, as per the Gross Value Added (GVA) calculation, would record a sequential recovery to 6.3 percent in the second quarter led by a broad-based pick up in industrial growth.
11.26 AM: The rupee slipped 24 paise at 64.55 against the US dollar in early trade on Thursday ahead of GDP growth data.
11.17 AM: The key equity indices Sensex and Nifty traded lower in the late morning trade on Thursday as market sentiments seemed to have turned negative ahead of India’s GDP growth data.
