The Centre on Wednesday said India’s Gross
Domestic Product growth rose to 7.2% in the third quarter of the
2017-’18 financial year, Reuters reported.
GDP growth had declined to a three-year low of 5.7% in the April-June quarter of 2017-’18, but it had recovered to 6.3% in the following quarter of the financial year.
The government also revised its GDP forecast for the 2017-’18 financial year to 6.6% from its previous prediction of 6.5%.
On January 5, the Central Statistical Office had estimated that India’s GDP would grow at 6.5% in the 2017-’18 financial year, a drop from the 7.1% rate it grew at in 2016-’17. Weeks later on January 29, the Economic Survey tabled in Parliament forecast that the Indian economy is likely to grow at 6.75% in 2017-’18, and accelerate to 7% to 7.5% in 2018-’19.
The problem of non-performing assets plaguing banks had investors concerned. The most recent scam, involving the Punjab National Bank, added to their worries about its impact on economic activity.
GDP growth had declined to a three-year low of 5.7% in the April-June quarter of 2017-’18, but it had recovered to 6.3% in the following quarter of the financial year.
The government also revised its GDP forecast for the 2017-’18 financial year to 6.6% from its previous prediction of 6.5%.
On January 5, the Central Statistical Office had estimated that India’s GDP would grow at 6.5% in the 2017-’18 financial year, a drop from the 7.1% rate it grew at in 2016-’17. Weeks later on January 29, the Economic Survey tabled in Parliament forecast that the Indian economy is likely to grow at 6.75% in 2017-’18, and accelerate to 7% to 7.5% in 2018-’19.
The problem of non-performing assets plaguing banks had investors concerned. The most recent scam, involving the Punjab National Bank, added to their worries about its impact on economic activity.
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