GDP on growth rate |
GDP for the July-September quarter showed a growth rate of 6.3 per cent after the previous quarter recorded a three-year low of 5.7 per cent. The growth of eight core sector industries, however, slowed to 4.7 per cent in October, down from 7.1 per cent recorded in the previous period. The country`s fiscal deficit crossed 96 per cent of budget estimates at October- end. The new numbers indicate that the economy is recovering after it hit a temporary slump following last year`s note ban and the rollout of GST. Earlier this month, rating agency Moody`s upgraded India`s credit rating to Baa2 from Baa3 and changed its India outlook to positive from neutral. It expects the economy to grow at 6.7 per cent this fiscal and rise to 7.5 per cent in 2018-19. Finance Minister Arun Jaitley on Thursday has asserted that improved macroeconomic fundamentals have placed India on the growth trajectory and the country would have to invest heavily in infrastructure over the next two decades to graduate to a middle-income economy.
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