1. India makes a comeback at 6.3% GDP growth; Here’s how P Chidambaram, Mamata Banerjee, others reacted

India makes a comeback at 6.3% GDP growth; Here’s how P Chidambaram, Mamata Banerjee, others reacted

Congress leader P Chidambaram 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.

By: | Published: November 30, 2017 7:24 PM
Congress leader P Chidambaram welcomed the rise in India’s GDP growth rate but on a cautious note, saying it is a pause in the declining trend. REUTERS/Adnan Abidi/File Photo

As India’s growth made an impressive comeback in the second quarter of the fiscal year 2017-2018 at 6.3% after hitting a three-year low of 5.7% in the previous quarter, reaction started pouring in from politicians and economists. Congress leader P Chidambaram 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. Meanwhile, West Bengal Chief Minister Mamata Banerjee launched a scathing attack on the government, saying it was “only talking, no performance”.

“GDP figures out. Again no growth. No jobs.Effects of note ban scam & unplanned GST continue to damage economy. Only talking. No performance,” Mamata Banerjee said.

Here’s how other reacted to India’s GDP growth:

Amitabh Kant, NITI Aayog CEO

Certain that India is on a high growth trajectory in the long term; the great thing about FY18 Q2. GDP is manufacturing has taken a big jump.

Anis Chakravarty, Lead Economist, Deloitte India

The latest set of numbers on growth for the second quarter show that activity levels were recovering from the disruption caused in the first quarter. The break up shows improved performance of manufacturing that could have possibly been affected by the implementation of GST from 1st of July.

Sumedh Deorukhkar, Senior Economist, BBVA, Hong Kong:

The latest growth outturn is in line with RBI’s recent rhetoric and thus shouldn’t move the needle on interest rates. We expect RBI to remain on pause in December and February, given upside risks to inflation as well as the fiscal deficit, exacerbated by rising oil prices and a gradually tightening global rates environment. We estimate India’s full year GDP growth to pick up from 6.7 percent in FY18 to 7.3 percent and 7.5 percent in FY19 and FY20, respectively.

Tushar Arora, Senior Economist, HDFC Bank

The GDP number is exactly in line with our expectations. Upbeat corporate earnings results have been reflected in the manufacturing sector. As the revival continues, we are likely to keep the annual (GDP) forecast unchanged at 6.5 percent.

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  1. K
    Krishna
    Dec 1, 2017 at 4:23 pm
    Mamta talks nonsense. Mamata has been deeply impacted by the note ban. Most of the illegal currency was being printed from Bengal border with Bangladesh, I wonder what is the connection. Shiv Sena, PC are also in the same league as Mamata. I believe the impacted politicians are crying foul.
    Reply
    1. D
      Dr.Raam
      Nov 30, 2017 at 9:38 pm
      Definitely a U_turn recovery after correction on partial cleansing the economy post DeMo_1 GST. A correction is always healthy for a robust growth. Q3 will be a further lift to the graph as GST repercussions will be adjusted in this quarter. Thereafter a QUANTUM JUMP can be expected as a result of transparency and Digital drive. : a.co/9axr50e : a.co/9a8ijaV
      Reply
      1. Tushar Kanta
        Nov 30, 2017 at 8:11 pm
        The last year growth of 7.5 also came under this government, right? Then how is it only bhasan?
        Reply

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