Friday 28 November 2014

Trade4target : GDP growth at 5.3% in the second quarter

Indian economy has grown at 5.3 percent in the second quarter of the fiscal year as against 5.7 percent in the first three quarters and 5.2 percent on a year-on-year basis, the Central Statistics Office data revealed on Friday. The GDP grew at 5.5 percent against 4.9 percent in the first half of the fiscal  year-on-year.

Economic activities which registered significant growth in Q2FY15 over Q2FY14 are electricity, gas and water supply at 8.7 percent, construction at 4.6 percent, community, social and personal services at 9.6 percent and financing, insurance, real estate and business services at 9.5 percent.

The growth rates in agriculture, forestry and fishing is estimated at 3.2 percent, mining and quarrying at 1.9 percent, manufacturing at 0.1 percent and trade, hotels, transport and communication at 3.8 percent during the period.

A CNBC-TV18 poll had anticipated the pace of growth to slide to 5 percent on the back of slowdown in industries, seen growing by 1.3 percent as against 4 percent on a quarter-on-quarter basis.

Reacting to the news, Samiran Chakraborty, Head Research, Standard Chartered Bank , says the print is good. Agriculture contributed majorly, which grew at 3.2 percent against his expectation of 1.7 percent. “If industry trend picks up, then by the year-end GDP can be around 5.5 percent level,” he says, adding that even the growth in trade and hotels sector was in line with his expectation.

According to data released by the Central Statistical Office of the social service sector growth rate of 9.6 per cent. Data released on Friday April-June quarter, compared to a growth rate Mutabi declined. April-June quarter GDP growth of 5.7 per cent was recorded. However, the growth rate of 5.2 per cent in the September quarter last year was ΓΌ- July.

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