Markets

3% growth in economy far below what Modi govt promised: Chidambaram

3% growth in economy far below what Modi govt promised: Chidambaram

India Inc expressed happiness over an increase in GDP to 6.3% from 5.7% in the last quarter and said as the GST settles down, the growth rate would be even higher. The growth in construction sector was projected at 2.6% compared to 4.3% in the same quarter a year ago. But we can not say now whether this will mark an upward trend in the growth rate.

Speaking at the HT Leadership Summit here, he said India has done well by growing at 7-8 per cent during the last three years.

This prompted Finance Minister Arun Jaitley to say that the impact of demonetisation and the GST were behind us.

He further said Q2 economic growth is also far below the potential of a well-managed Indian economy.

Chief Statistician T C A Anant said it was indicative of growth returning to normal levels.

Growth had slowed to a three-year low of 5.7% during the previous quarter as demand was doused by confusion about the planned rol out of a national goods and services tax.

"Manufacturing reported growth of 7 per cent, electricity, gas and water supply at 7.6 per cent, and trade, hotels, transport and communication grew at 9.9 per cent", he said.




Gross value added (GVA), a key input of GDP that is tracked by the RBI, rose 6.1 per cent in July-September compared to 5.6 per cent in the June quarter this year and 6.8 per cent in the September quarter of the last fiscal. He said the important thing to note was that growth has come due to the strong performance of the manufacturing sector.

The agriculture, forestry and fishing sector is estimated to have grown by 1.7 per cent.

Moody's Investors Services recently upgraded India's sovereign rating for the first time in almost 14 years, saying the country was poised for fast growth because of wide-ranging economic and institutional reforms by Prime Minister Narendra Modi's government.

Mining also posted a sharp uptick in growth to 5.5 per cent from a decline of 0.7 per cent in the previous quarter.

Earlier this month, rating agency Moody's - which upgraded India's credit rating to Baa2 from Baa3 and changed its India outlook to positive from neutral - said it expected the economy to grow at 6.7 per cent this fiscal and rise to 7.5 per cent in 2018-19.

Congress leader and former Finance Minister P. Chidambaram tweeted that he was "happy that the July-Sep quarter has registered a growth rate of 6.3 per cent" but said this was below expectations.


  • Infinity War and the Future of the Marvel Universe

    Infinity War and the Future of the Marvel Universe

    Whew, see, this movie really is jam-packed with the Marvel Cinematic Universe's most beloved heroes. Let us know what you think about this first look in the comments section below.
    Big advertisers suspend YouTube campaigns after reports of videos sexualizing children

    Big advertisers suspend YouTube campaigns after reports of videos sexualizing children

    YouTube ( GOOG , GOOGL ) deleted 150K videos featuring children that had inappropriate sexual comments, according to Variety . Marketers that have frozen spending on YouTube over the issue include Adidas, Deutsche Bank, HP, Mars, Diageo and Cadbury.
    Time Inc Sold to Meredith Corp in Deal Bankrolled by Koch Brothers

    Time Inc Sold to Meredith Corp in Deal Bankrolled by Koch Brothers

    Meredith , whose magazines include Better Homes and Gardens , Shape and Family Circle , acquired the company for $18.50 per share. It was one of a handful of bidders that made competing offers for Time earlier this year, but the deal was scrapped.
  • This year's flu vaccine only 10 percent effective, early estimate shows

    This year's flu vaccine only 10 percent effective, early estimate shows

    Experts say 19 Oklahomans had to be hospitalized between November 22 and November 28 due to the flu. The vaccine in Australia has the same composition as the vaccine used in the United States.
    Tiger Woods Talks Recovery from Back Surgery, Says This Comeback Is 'Different'

    Tiger Woods Talks Recovery from Back Surgery, Says This Comeback Is 'Different'

    His last victory was at the 2013 World Golf Championships-Bridgestone Invitational. "[Johnson is] the No. 1 player in the world". Determined to return to what he does best, the 41-year announced the decision to play the event which he hosts on the PGA Tour.
    Donald Trump is 'furious' with Ivanka for Roy Moore comment

    Donald Trump is 'furious' with Ivanka for Roy Moore comment

    Tim Scott of SC , as the party establishment cringed at Trump's latest intervention in the closely contested race. Graham, R-S.C., said he viewed Trump's comments as " definitely trying to throw a lifeline to Roy Moore ".
  • Microsoft reveals plans to transform campus by 2023

    Microsoft reveals plans to transform campus by 2023

    A bridge across WA-520, which will link both sides of its campus, will be for cyclists and walkers only. As a Zero Waste Certified campus we will continue to focus further on waste-reduction initiatives.
    Misfiring Tottenham slump to 2-1 defeat at Leicester

    Misfiring Tottenham slump to 2-1 defeat at Leicester

    Tottenham will be looking to get back to winning ways when they take on Leicester City at the King Power Stadium this evening. Vardy met Marc Albrighton's left-wing cross with a volleyed lob in the 13th minute, leaving goalkeeper Hugo Lloris stranded.
    Miss South Africa crowned Miss Universe, SA split

    Miss South Africa crowned Miss Universe, SA split

    Miss South Africa Demi-Leigh Nel-Peters was declared the victor and Miss Colombia Laura González Ospina, first runner up. HO/The Miss Universe Organization/Matt Petit Miss South Africa Demi-Leigh Nel-Peters sizzles in her yellow two-piece.
  • Trump plans to replace Tillerson with Pompeo

    Trump plans to replace Tillerson with Pompeo

    The strategy to remove Tillerson comes amid strained relations between President Donald Trump and his top diplomat. When the reports emerged, Mr Tillerson repeatedly refused to answer when asked whether he had made the comments.
    Watford 0-0 Manchester United

    Watford 0-0 Manchester United

    Young was once touted to leave Old Trafford but publicly stated his desire to stay and fight for his place. The Premier League match between Watford and Manchester United will be broadcast live online and on NBCSN.
    How Prince Harry proposed to Meghan Markle

    How Prince Harry proposed to Meghan Markle

    The wedding of Prince Harry and Meghan Markle will not be a national holiday, Downing Street has announced . Markle is extremely focused on philanthropic efforts, much like Harry's late mother Princess Diana.