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India Inc welcomes upswing in quarterly GDP data
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SME Times News Bureau | 30 Aug, 2014
India Inc. Friday welcomed the upswing in the quarterly gross domestic
product (GDP) figures which were released today, and said the numbers
indicated economic recovery.
"The sharp rise in GDP growth to 5.7
percent, after remaining in the sub 5 percent range for the last two
years, is noteworthy and reinforces faith in the India growth story,"
Chandrajit Banerjee, director general, Confederation of Indian Industry
(CII) said in a statement, commenting on GDP growth for the first
quarter of the current year.
"In order to convert the first
signs of revival into a full-fledged recovery, it is necessary that the
government continues implementing the reforms agenda," he added.
"GDP
growth of 5.7 percent in Q1 is certainly above our expectations. It is a
great news given the fact the numbers are the best in two years," said
Assocham president Rana Kapoor.
"The GDP data released today
indicating a growth of 5.7 percent in Q1 FY15, vis-à-vis 4.6 percent
increase in Q4 FY14, comes as a welcome breather and clearly points
towards a pickup in economic activity. This momentum has to be carried
forward with greater fervor," said Sidharth Birla, president, Federation
of Indian Chambers of Commerce and Industry (FICCI).
The Indian
economy expanded by 5.7 percent during the first quarter of the current
financial year to log the highest growth yet in nine quarters or over
two years.
GDP which is the aggregate market value of all the
goods and services produced in the country, had expanded by just 4.6
percent in the previous quarter, that is January-March, and by 4.7
percent in the like quarter of last fiscal.
The 5.7 percent
growth in April-June quarter is also the highest since the 6 percent
increase logged during October-December quarter of 2011-12, as per data
compiled by the Central Statistics Office (CSO).
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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