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GDP grows to 7.3 pc for Q2, estimated at Rs 29.63 lakh cr
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SME Times News Bureau | 01 Dec, 2016
Country's GDP for the 2016-17 fiscal's second quarter ended September,
estimated at Rs 29.63 lakh crore, recorded a growth of 7.3 per cent
compared with 7.1 per cent in the first quarter, data released on
Wednesday showed.
However, the Gross Domestic Product growth for
second quarter was slower than the 7.6 per cent increase posted in the
corresponding quarter of the last fiscal (2015-16).
Reacting to
the GDP numbers, India Inc urged the government to take steps to revive
fixed investments and production of capital goods.
In terms of
gross value added (GVA) -- considered a better measure of economic
performance, as it excludes product taxes and subsidies -- of Rs 27.33
lakh crore for the quarter, the growth at 7.1 per cent was slower
compared with 7.3 per cent in the previous year, mainly due to a
contraction in mining and deceleration in manufacturing.
Within
the GVA, the manufacturing activity slowed in the September quarter at
7.1 per cent, against 9.2 per cent in the same quarter of the previous
year. Government services, including defence, logged a robust growth of
12.5 per cent, against 6.9 per cent in the previous year.
The
primary sector, including agriculture and fisheries, saw a growth of 3.3
per cent, against 2 per cent, while that for construction also rose to
3.8 per cent from 0.8 per cent.
Mining and quarrying output,
which had expanded by 5 per cent in the first quarter of the previous
fiscal, shrank (-)1.5 per cent.
"Agriculture does better than
last year owing to better rainfall and sowing," Chief Statistician
T.C.A. Anant told reporters here, while releasing the report.
"Mining
and quarrying have done worse than last year... but this comes on the
back of a sharp increase in mining and quarrying in 2015," he added.
Commenting
on the figures, industry chamber Assocham urged the government to take
doable steps to revive fixed investments and production of capital goods
which are falling continuously because the growth supported by
consumption demand does not have sustainable impact. "When
private investments are lacking, public investments should be increased
in roads, railways, inland waterways and government should take policy
initiatives to unclog the cash flows in large projects and to boost
construction," said Assocham Secretary General D.S. Rawat.
"The
downside risks to India's economic growth still prevail in the form of
the recently implemented demonetisation policy, risks from Brexit,
transition of Chinese economy, protectionist measures adopted by
advanced economies, monetary policy's inability to fuel growth in
developed economies, and unsolved problem of banks' non-performing
assets in India," he added.
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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
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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