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03 March 2018, 12:04 | Tara Lloyd
Fans celebrate after India beat Australia. Reuters Ajay Verma
China had recorded a growth of 6.8% in the December quarter.
Beating all estimates, India's economy grew 7.2% in the October-December quarter to once again become the world's fastest-growing economy backed by a handsome expansion in nearly all the sectors barring mining which contracted.
India is the fastest growing major economy again. "Global economic growth will turn higher and peak in 2018", said ratings agency Moody's on Wednesday. Manufacturing contributed 20.7% and "Financial, real estate and professional services" 18.6%. However, the manufacturing sector in 2017-18 will grow by 5.1 per cent, against 7.9 per cent in the previous fiscal. But the data does show that the recovery has been broad-based.
"In conjunction with an already lower kharif production this year (2017 crop season), lower rabi sowing will further subdue the contribution of agriculture to GVA this fiscal".
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The growth for the second quarter (July-September) has been revised upwards to 6.5 per cent, from 6.3 per cent estimated earlier by the CSO.
The agriculture sector grew 4.1 percent in October-December period from 1.7 percent in the previous quarter.
The slow growth rate in the labor-intensive sectors has provided an arsenal to the opposition during the election year, as the ruling Bharatiya Janata Party came to the power in 2014 on the promise of generating at least 20 million jobs every year. The construction sector, however, has seen a smart pickup in growth.
Growth of 10% or more, Kant said, is "very doable".
However, the poll states that economists are concerned about the increase in non-performing assets (NPA) of state-run banks, and says if NPA's are not managed properly, it would hurt economic activity.
"Strong fixed capital growth also indicates investment picking up very well". Experts warn the feel-good factor could be brief and is squarely dependent on monsoon, oil prices, pick in private investments and spending. That this has happened despite the pickup in the farm sector and in manufacturing is a concern.
"Meanwhile, Services PMI has been at reviving stage as it stood at 50.9% by end of December 2017 from 48.5% in November 2017". On the other hand, as IndusInd Bank Ltd chief economist Gaurav Kapur points out, clearly domestic consumption is leaking into imports.
Liked the story? We're a non-profit. Also, the financial fraud of Rs 11500 crore that hit the state run-Punjab National Bank has put a shadow on all state-run banks.
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In an interview with the news network earlier this week, Amitabh Kant, one of the Indian government's top policy advisers, said growth of 10% or more should be "very doable".
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