GDP growth: Impact of note ban, GST behind us, says Jaitley

04 December, 2017, 00:22 | Author: Elaine Woods
  • Arun Jaitley

"However, after the final indirect tax collection data is released, it might lead to upward revision in the growth numbers".

On gross value added (GVA) basis, which includes taxes but excludes subsidies, India had registered a growth of 6.1 per cent during the quarter in consideration over the corresponding quarter previous year, the CSO said. It expects the economy to grow 6.7 per cent in the fiscal year ending March 31, and 7.5 per cent the following year. Earlier, the Union finance ministry had seen downward risks to its original growth projection of 6.75 per cent to 7.5 per cent.

Economic growth picked up from 5.7 percent in April-June, but lagged China's 6.8 percent and the Philippines' 6.9 percent for the three months through September.

GDP growth has been affected partly due to fall in growth in the manufacturing sector over the years. The higher growth rate will generate more jobs in the economy for the young graduates passing out of universities and engineering colleges which in turn will create a higher demand for goods and services to spur growth further.

Anant said the reversal of the previous declining trend was mainly on account of a jump in manufacturing activity during the second quarter, with GVA growing at 7 per cent, as compared to the measly growth of 1.2 per cent in the previous quarter. "Now whole country is his market", Jaitley said while responding to questions regarding the second quarter economic growth estimates. "Dip in public administration has also hampered the Q2 growth", Associate Economist with Care Ratings, Rucha Ranadive told Zeebiz.

Bouncing back from a three-year low, Indian economy has reversed a five-quarter slide in GDP growth to expand by 6.3 % in July-September quarter.

State senate president pledges expansion of records law
Rosenberg has strongly defended what he calls the Senate's "zero tolerance policy" for sexual harassment in recent weeks. The paper said it granted the four men anonymity because they must still work with Rosenberg, and interact with Hefner.

Support Toys for Tots
Children who are registered with any other organization will not be eligible to receive toys through Toys For Tots . Toys for Tots is a 501 (c)(3) charity that can give a tax exempt letter for any space donated to the program.

New College Football Playoff odds released
As for Auburn, one has to think if Gus Malzahn's team win the SEC Championship, it will be higher than the No. 4 seed. And Miami, which ascended to No. 2 in the committee's rankings last week, will fall after losing at Pittsburgh.

"The most significant aspect of the quarter's reversal in GDP decline is that this has been impacted by growth in manufacturing". The high base effect of government expenditure in the last two quarters of 2016-17 will also be a disadvantage this year.Agriculture will be a worry point as well. Agriculture, forestry and fishing were relatively flat.

On Nov. 17, Moody's upgraded India's sovereign credit rating for the first time in almost 14 years, saying continued progress on economic and institutional reforms would boost its growth potential. It seems the construction sector suffers from a deeper malaise that needs to be identified and addressed.The heavy lifting, therefore, has to be done by the services sector that has a combined weight of over 46 per cent.

-Trade, hotel, transport, communication etc: 9.9 %.

"We will be updating the forecast for India, including the growth rate, and that will be coming January with the update of our World Economic Outlook", IMF spokesman Gerry Rice said. The rate of growth of gross fixed capital formation increased from 1.6 per cent in the first quarter to 4.7 per cent in the second quarter.

The former finance minister said this after India reported a 6.3 per cent GDP growth rate in the July-September quarter of the current fiscal.

Recommended:

  • Arsenal 1-3 Manchester United (Week 15)

    Arsenal 1-3 Manchester United (Week 15)

    They comfortably held on despite Paul Pogba being sent off for a risky challenge late on, punishing Arsenal for early defensive mistakes.
    Hundreds rally at UC Berkeley to protest proposed graduate student tax hike

    Hundreds rally at UC Berkeley to protest proposed graduate student tax hike

    We can hope; but, universities and their students must adjust to losing $65 billion over the next 10 years from the new tax plan. At the University of Southern California, they held signs with sayings like "Graduate students research cures for cancer".
    Argentina's missing submarine: ARA San Juan commander's final message before disappearance revealed

    Argentina's missing submarine: ARA San Juan commander's final message before disappearance revealed

    Family members of the crew, however, have told local media outlets the submarine was in poor shape. "It is not that I want this". Experts say the 44 crew members only had enough oxygen to last up to 10 days if the sub remained intact but submerged.
  • Feds want to seize Martin Shkreli's Wu-Tang Clan album

    Feds want to seize Martin Shkreli's Wu-Tang Clan album

    His attorney, Benjamin Brafman, wrote in a statement that "We will vigorously oppose the government motion. Accordingly, forfeiture of any assets is not an appropriate remedy".
    Harvey Weinstein Sued for Sex Trafficking by British Actress Kadian Noble

    Harvey Weinstein Sued for Sex Trafficking by British Actress Kadian Noble

    In October, the DGA had held a board meeting to discuss the decades of sexual harassment and assault allegations facing Weinstein. As per the lawsuit , once inside the room, Weinstein allegedly "began massaging [Noble] and then gripped her shoulders".
    Schiano to be named Tennessee Vols Head Coach

    Schiano to be named Tennessee Vols Head Coach

    Ironically, some Tennessee fans were hoping another former Tampa Bay coach - Jon Gruden - would become Butch Jones' replacement. Then, in 2016, Schiano was implicated as a possible witness in the Penn State child rape scandal.
  • Missing 17-year-old Florida girl could be in Georgia

    Missing 17-year-old Florida girl could be in Georgia

    I feel that you do not have all the facts about your situation and I know you do not have the facts about how we feel right now. A 17-year-old Florida high school soccer player has run away with a boy's soccer coach in Columbia County, authorities say.
    Trump rips CNN again, but this time, CNN blasted him right back

    Trump rips CNN again, but this time, CNN blasted him right back

    As former FBI Director James Comey reminds us, freedom of the press has always been an important part of American democracy. He did the same on Sunday, when he alleged CNN worldwide of not correctly portraying news of U.S. to the world.
    Bali volcano spews smoke for second time this week

    Bali volcano spews smoke for second time this week

    However, he said some airlines chose to cancel flights between Bali and Australia following the latest volcanic activity. There are fears the volcano could erupt for the first time since 1963, when almost 1,600 people died.
  • EA Planning to Balance Star Wars Battlefront 2's 'Pay-to-Win' Microtransactions

    EA Planning to Balance Star Wars Battlefront 2's 'Pay-to-Win' Microtransactions

    Fans got really mad-as in death-threat mad-and nearly two weeks ago EA caved , temporarily suspending the in-game purchase system. So if you did a bunch of cosmetic things, you might start to violate the canon. "So you might see some of that", Jorgensen said.
    Weedkiller glyphosate licensed by European Union  despite opposition

    Weedkiller glyphosate licensed by European Union despite opposition

    The European Food Safety Authority and European Chemicals Agency have both said it is "unlikely" to cause cancer in humans. According to the letter, the study was co-authored by a former Monsanto employee.

    9 most popular items sold on Black Friday 2017

    Several chains tightened store inventories as well, to ward off any post-holiday liquidation that would weigh on profits. There was little evidence of the delirious shopper frenzy customary of Black Fridays from past years.


Popular

American Airlines Addresses Scheduling Nightmare
The APA, meanwhile, advised pilots not to sign on, saying that the airline's solution violated the union contract. If you're flying American Airlines over the holidays, you can breathe a sigh of relief.

Saleh Seeks New Page With Saudi-Led Coalition as Yemen Clashes Rage
Officials working at the TV station say Houthis raided its headquarters. He said his offer would require Riyadh to stop attacks on Yemen.

Prince Harry and fiancee Markle take their first official walkabout
The adorable duo greeted a cheering crowd outside the National Justice Museum in Nottingham. Vote now and get the debate going by leaving a comment below.

Pope refers to 'Rohingya' for first time on Asia tour
The Rohingya are not recognized as an official minority in Myanmar, effectively meaning they are denied citizenship. He did not identify the Rohingya by name, ethnicity or faith, referring only to "refugees from Rakhine state".

Andy Rubin Left Google After 'Inappropriate Relationship'
The alleged misconduct happened before 2013, while Rubin was working with the employee in question in the Android department. The site reports that Rubin left Google after a woman made a complaint to HR detailing her relationship with the executive.

An Oscar Contender's Reviews Are So Good, They Broke A Record
Though the film has been released in less than 800 theaters nationwide, it has earned more than $10 million. Thank you to everyone who has seen the film and has written about it so thoughtfully.

Authorities continue search for missing North Carolina 3-year-old
A photo from the North Carolina Department of Public Safety was not immediately available. "She's my baby, she's my everything". JACKSONVILLE, North Carolina ( WNCT )- The search continues on day three for missing North Carolina 3-year-old Mariah Woods.

Daughter receives 'heartbreaking' final birthday flowers from dead father
Bailey Sellers' 21st birthday is tinged with sadness as she's received a final bouquet of flowers from her dead father. She's been receiving them with a note for the past five years. "I used to dread my birthday every year because of it.

Lamar Jackson brawls with Kentucky players during rivalry game
Louisville quarterback Lamar Jackson threw for 216 yards and two touchdowns, and added 156 yards on the ground against Kentucky. After fighting to the one-yard line, Jackson didn't appreciate a bump from a Kentucky player, so he proceeded to shove him.

Amazon CEO Jeff Bezos now worth $100 bn
This year alone, Bezos' fortune has increased by $32.6 billion - more than anyone else on the Bloomberg Billionaire Index. The founder of the world's largest e-commerce company made almost Dollars 2.4 billion on Friday alone.