|
|
Signs of revival as country's GDP expands 5.7 pc
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 30 Aug, 2014
Beating expectations and showing another sign of revival, 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, official data showed Friday.
The gross domestic
product (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).
The first quarter GDP growth has been
boosted by a sharp turnaround in manufacturing as well as a good
performance by mining and construction sector.
Agriculture sector
output grew at 3.8 percent in April-June this year, slightly lower than
4 percent growth in same quarter last year.
Electricity output grew at a much improved 10.2 percent as compared to 3.8 percent in same quarter of the previous fiscal.
The construction sector grew at 4.8 percent, against 1.1 percent in the same period a year ago.
Private
final consumption spending stood at Rs.930,000 crore versus Rs.880,000
crore year-on-year, while the government's final consumption spend
logged at Rs.180,000 crore against 170,000 crore.
While the
release of the first quarter's GDP numbers coincides with nearly a
hundred days in office of the NDA regime, one cannot lose sight of the
fact that almost two-thirds of the quarter passed under a lame-duck
administration whose earlier policies would have provided the thrust to
this change of gear in economic growth.
Indian industry was effusive in its praise of the numbers indicating 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.
ÃâThe
GDP data released today indicating a growth of 5.7 percent in Q1 FY15,
vis-Ã -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,Ãâ said Sidharth Birla,
president, Federation of Indian Chambers of Commerce and Industry
(FICCI).
|
|
|
|
|
|
|
Excise limit for small scale
Pradeep gupta jaliwala | Thu Sep 4 17:56:03 2014
Limit for excise duty for small scale industries has not been increased since last 11 years still it is 1.50 crore and in BJP manifesto they promised to increase by 5 crore
But now in media rummer is govt is going to cut down it by from 1.50 cr to 50 lakh
We should take a survey of the effect if govt do this
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|