Q3 GDP numbers surprise at 7%
By Abin Daya It has been over 19 months since the tumult over India’s GDP began. Many economists have questioned the government’s method of calculation since it was implemented in 2015. The latest announcement by the Indian government has placed the GDP at 7% which is a sudden increase from 4.7% as per growth estimates released in May 2013-14. The data released by the Central Statistics Office predict the GDP of Q3 FY17 at 7%. Let us look at the drivers behind it by breaking them up into components and comparing them with the previous figures. India’s GDP for Q3 of FY17 grew by 7% y-o-y, lower than the 7.4% (revised) growth of Q2 FY17 and higher than 6.9% of Q3 FY16 This has ...
RBI cuts FY17 growth forecast to 6.9%, pegs 7.4% for next yr
PTI RBI Governor Urjit Patel on Wednesday cut the economic growth forecast to 6.9% for the current fiscal from 7.1% estimated earlier, even as he said the economy will bounce back to 7.4% rate next fiscal.The Reserve Bank kept key interest rates unchanged saying it wants to assess how the transitory effects of demonetisation on inflation and the output gap play out."GVA (gross value added) growth for 2016-17 is projected at 6.9% with risks evenly balanced around it. Growth is expected to recover sharply in 2017-18 on account of several factors. GVA growth for 2017-18 is projected at 7.4%, with risks evenly balanced," the RBI said in its 6th bi-monthly monetary policy statement.In its last monetary policy on December 7, the central ...
Ecommerce platforms to play a role in measuring the Consumer Price Index
The Dollar Business Bureau The Govt of India’s statistics department is planning to take a closer look at the discounts being offered on the ecommerce platforms such as Amazon, Flipkart and Snapdeal with a view to understand the whole dynamics of the consumer price index. CPI is a key indicator of the Reserve Bank of India, when deciding the monetary policy. The ministry wants more clarity on the CPI basket by keeping track of the price movements in the online market. The decision by the Govt. has come at a time when there is a growing demand in online shopping including groceries, clothing and footwear which the ministry feels is not getting captured. An official remarked that, “Online shopping is not reflecting in ...
Indian economy grows at 7.4% in July-Sept quarter
Finance Ministry expects Indias economy to grow at about 7.5% during the current financial year. The Dollar Business Bureau The biggest surprise was recorded in the agriculture sector, which grew at 2.2% despite a 14% deficiency in monsoon this year. Indias Gross Domestic Product (GDP) grew by 7.4% during the second quarter of 2015-16, said a data released by the Central Statistics Office (CSO). The biggest surprise was recorded in the agriculture sector, which grew at 2.2% despite a 14% deficiency in monsoon this year. GDP at constant (2011-12) prices in July-September of 2015-16 is estimated atRs. 27.57 lakh crore as againstRs.25.66 lakh crore in July-September of 2014-15, showing a growth rate of 7.4%, said the Central Statistics Office (CSO), Ministry of Statistics and ...
General Index of Industrial Production high in April 2015 compared to previous year
Source: PIB, Government of India. The Quick Estimates of Index of Industrial Production (IIP) with base 2004-05 for the month of April 2015 have been released by the Central Statistics Office of the Ministry of Statistics and Programme Implementation. IIP is compiled using data received from 16 source agencies viz. Department of Industrial Policy & Promotion (DIPP); Indian Bureau of Mines; Central Electricity Authority; Joint Plant Committee; Ministry of Petroleum & Natural Gas; Office of Textile Commissioner; Department of Chemicals & Petrochemicals; Directorate of Sugar; Department of Fertilizers; Directorate of Vanaspati, Vegetable Oils & Fats; Tea Board; Office of Jute Commissioner; Office of Coal Controller; Railway Board; Office of Salt Commissioner and Coffee Board. The General Index for the ...
