“Increase to 6.3 % in July to September quarter against 5.7% in first quarter shows a significant trend reversal in growth rates, indicating it is returning to more normal levels” Chief Statistician TCA Anant said.
The gross domestic product (GDP) growth had hit a three- year low of 5.7 per cent in the first quarter of 2017-18. It was 7.5 per cent in the September quarter of 2016-17.
According to Central Statistics Office (CSO) data, the economic activities that registered growth of over 6 per cent in the second quarter are manufacturing, electricity, gas, water supply, other utility services and trade, hotels, transport and communication, and services related to broadcasting.
Meanwhile, Finance Minister Arun Jaitley said that India has standardised itself for a 7-8 per cent growth rate and will need 50 lakh crore rupees investment in next 5 years. Speaking during a session at the HT Leadership Summit in New Delhi Jaitley re-iterated that policy changes have all been in favour of globalisation and that India is now more connected globally.
Observing that country has moved away from old era of double digit inflation, he said, "our statutorily fixed target is 4 per cent. We have been able to keep our current account deficit under control, and over the last few years India has had exemplary performance in terms of being able to bring down its fiscal deficit," he said.