Q2 GDP numbers show policies working : Ravi Shankar Prasad

5 Dariya News

New Delhi 30-Nov-2017

The Narendra Modi government on Thursday cited its policies for the acceleration of the country's gross domestic product (GDP) to 6.3 per cent during the second quarter (Q2) of 2017-18."Government's reforms to push economic growth are working (and it) can be seen from that manufacturing has shown robust growth of 7 per cent in Q2 and services at 7.1 per cent," tweeted Finance and Corporate Affairs Minister Arun Jaitley."Gross fixed capital formation has increased from 1.6 per cent in Q1 to 4.7 per cent in Q2."Official data revealed that a rise in the manufacturing sector's output pushed India's growth rate higher to 6.3 per cent during the second quarter of 2017-18 breaking a five-quarter slump.On a sequential basis, India's GDP growth for Q2 of the current fiscal went up to 6.3 per cent, from 5.7 per cent reported during the first quarter of 2017-18.Railways Minister Piyush Goyal tweeted: "Transformational reforms under PM Narendra Modi is bearing fruit through faster growth and prosperity for all. Quarterly GDP growth accelerates to 6.3 per cent versus 5.7 per cent in the previous quarter."Commerce and Industry Minister Suresh Prabhu said the fundamentals of Indian economy are getting stronger. "Benefits of structural reforms by Narendra Modi will boost GDP in future," he said.Echoing Prabhu's sentiment, Information Technology Minister Ravi Shankar Prasad said: "India's GDP growth rate shows upward trend in 2nd quarter of 2017-18 and registers a growth rate of 6.3 per cent."This coupled with strong fundamentals hold promise for a great future of Indian economy under the leadership of Narendra Modi. India unstoppable."Praising Modi for the growth, Bharatiya Janata Party President Amit Shah tweeted: "Today's GDP numbers reiterate the India unstoppable story under PM Modi.

"The strong rebound in growth is a reflection of solid economic management by the Modi Government. The significant uptick in the manufacturing sector is a very positive sign for our economy and will further boost Make In India and generate more employment."India's rise in World Bank's Ease of Doing Business rankings, upgrade by Moody's, praise by Standard & Poor's and the strong growth in Q2 show that India's rise is inevitable," he said, adding that Modi government's efforts are ensuring better prospects for every Indian.Maharashtra Chief Minister Devendra Fadnavis tweeted: "A big blow to all those who were criticising GST's historic decision! Great news that quarterly GDP growth accelerates to 6.3 per cent against 5.7 per cent from the previous quarter. Thanks to the continuous reforms by Narendra Modi that our nation is conquering peaks of success!"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."This a 'pause' in the declining trend of the last five quarters. But we cannot say now whether this will mark an upward trend in the growth rate. We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion."In another tweet, he said that "6.3 per cent is far below the 'promise' of the Modi government and far below the 'potential' of a well-managed Indian economy".