Speaking to ANI, Chouhan said "GDP growth rate is increasing and it is a proof of the fact that economic activities are increasing in the country". "The latest growth outturn is in line with RBI's recent rhetoric and thus shouldn't move the needle on interest rates". But we can not say now whether this will mark an upward trend in the growth rate.
Congress leader P Chidambaram today welcomed the rise in India's GDP growth rate but on a cautious note, saying it is a pause in the declining trend and one should wait for the next three-four quarters before drawing a definite conclusion.
The FM further said, "the rate of growth of gross fixed capital formation has also increased from 1.6 percent in the first quarter to 4.7 percent in the second quarter".
The country witnessed the GDP growth of 5.7 per cent in April-June quarter, the lowest growth rate since Modi took over as PM, while it was 7.5 per cent in the September quarter of the previous fiscal. "This also indicates that perhaps the impact of two very significant structural reforms - demonetisation and GST - is behind us and hopefully in coming quarters we can look for an upwards trajectory", he said after the Central Statistics Office released the GDP data. "The growth in the "agriculture, forestry and fishing", "mining and quarrying", "construction" "financial, insurance, real estate and professional services" and 'Public administration, defence & other services" is estimated to be 1.7 percent, 5.5 percent, 2.6 per cent, 5.7 percent and 6.0 percent respectively, during this period", a press release by the government said.
Growth had slowed to a three-year low of 5.7% during the previous quarter as demand was doused by confusion about the planned rol out of a national goods and services tax.
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While manufacturing grew rapidly at 7% in the September quarter from merely 1.7% in the first quarter (April-June), the growth in electricity and other utilities was recorded at 7.6% and it was nearly 10% in trade, hotel, transportation and communication.
"This coupled with strong fundamentals hold promise for a great future of Indian economy under the leadership of Narendra Modi".
In the services sector while trade, transport did well, the government finances grew rather slowly because of a muted deposit and loan growth in the banks.
Finance Minister Arun Jaitley on Thursday said achieving a 10 per cent GDP growth rate is challenging and will depend on how the world is moving.