Business News
India’s economic growth higher than China in Oct-Dec quarter: Report
The last time India had a faster growth rate was in the final three months of 2016.
New Delhi: On the back of a good demand growth, pick-up in manufacturing and services, India will surpass China as the fastest-growing economy in the October-December quarter, as per a poll report. Meanwhile all eyes are set at GDP data to be released by the government later in the day.
A Reuters poll report has showed that India’s growth in the December quarter was 6.9 percent, the best pace in 2017. Forecasts ranged from 6.4 percent to 7.3 percent.
The report showed, if there was 6.9 percent growth, that would top China`s 6.8 percent annual pace for October-December.
The last time India had a faster growth rate was in the final three months of 2016.
India`s expected improvement on its 6.3 percent growth in July-September comes as its manufacturing and services sector have been overcoming teething troubles rooted in the bumpy launch of the Goods and Services Tax (GST) in July.
Indias Gross Domestic Product (GDP) grew by 6.3 percent in July-September quarter of the fiscal, up from 5.7 percent in the first quarter.
A Morgan Stanley research note has said that in GVA terms, in December quarter growth picked up further to 6.7 percent year-on-year from 6.1 percent in the previous quarter, the brokerage said.
According to the report, corporate revenue trends, which track industry GVA growth closely, also improved further in the December quarter.
Moreover, auto and two-wheeler sales posted robust growth in the December quarter beyond what was implied by favourable base effects, while goods exports growth improved further to double-digit levels, it added.
