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Demonetisation Effect: Indian economy grows 7.3% in Sept quarter

Demonetisation Effect: Indian economy grows 7.3% in Sept quarter

India remained the rapidly growing major economy with its GDP accelerating to 7.3 percent in the September quarter, forced mainly by farm output, although the strength may be hit in the coming months by the effect of demonetisation.

The Gross Domestic Product (GDP) or national income which rose from 7.1 % in the last quarter is however lower than 7.6 % recorded in the same period previous year.

India overtook China in economic growth rate in 2015, and continues to be the world’s fastest growing large economy.

Simultaneously, monthly macro-economic data on performance of eight infrastructure sectors showed six-month high growth of 6.6 % in October.

According to the data revealed today by the Central Statistics Office (CSO), the Gross Value Added (GVA), which is estimated at the basic price, growth decelerated to 7.1 % as compared 7.3 % both in the last as well as the year ago period.

The data revealed that over 7 percent growth was registered by ‘public administration, defence and other services’, ‘financial, insurance, real estate and professional services’, ‘manufacturing’ and ‘trade, hotels and transport and communication and services related to broadcasting’.

Growth figures in agriculture, forestry and fishing; mining and quarrying; electricity, gas, water supply and other utility services; and construction were at 3.3 percent, (-)1.5 percent, 3.5 percent & 3.5 percent respectively. This compares with 2 percent, 5 percent, 7.5 percent and 0.8 percent year ago period.

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