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India’s GDP grows

India’s GDP grows at 7.3% in September quarter

India’s GDP (Gross Domestic Product) accelerated at 7.3% in the September quarter 2016, up from 7.1% in the previous 3 months, mainly on improved performance of manufacturing, services and trade sectors.

As per the data released by the Central Statistics Office, the Gross Value Added, which is estimated at the basic price, indicated a growth of 7.1% in the Q2 of 2016-17, compared to 7.3% in the year ago period. The GDP growth data is calculated based on the new methodology at market price, while Gross Value Added is worked out primarily at factor cost.

The Gross Domestic Product growth numbers for the first half of 2016 have indicated a good performance, however, the impetus may be hit in the coming months effectively of demonetization of high value notes with lot of uncertainty for the second half. In the meantime, monthly macro-economic data on performance of eight core infrastructure sectors also indicated a positive sign with 6 month high growth of 6.6% in October.

The Gross Domestic Product, which grew from 7.1% in the previous quarter, is lower than 7.6% recorded in the same period of the year 2015. The data further revels that over 7% increase was recorded by public administration, defence and other services, financial, insurance, real estate and professional services, manufacturing and trade & hotels, transport & communication and services related to broadcasting.

As per the Central Statistics Office data, GDP at constant (2011-12) prices in the second quarter of 2016-17 is estimated at 29.63 lakh crore, as agaisnt 27.62 lakh crore in the year-ago period. The quarterly Gross Value Added at basic price at constant (2011-12) prices for July-September is estimated at 27.33 lakh crore, as against 25.52 lakh crore year-on-year. The Government Final Consumption Expenditure at current prices is estimated at 5.15 lakh crore for the second quarter as against 4.27 lakh crore year ago.

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