Chidambaram pokes fun at BJP for celebrating GDP data
Congress leader P Chidambaram poked fun at the BJP today over the GDP growth data, saying it did not warrant any jubilation by the ruling party. In a series of tweets, the former finance minister said that as expected, the GDP growth in the July-September quarter (Q2) of 2018-19 was a good 1% lower than in the April-June quarter (Q1). Read more.
Likely that Q3, Q4 would register similar growth rates: Chidambaram
"Q1 number was on a very low base in the previous year. It did not signify a bump in growth and did not warrant the jubilation of the BJP three months ago," said Chidambaram. The 73-year-old politician from Tamil Nadu said going forward, it was likely that the October-December (Q3) and January-March (Q4) quarters would register similar growth rates unless there were unexpected shocks.
'The new normal for the Indian economy is 7%'
"The new normal for the Indian economy is 7% and 2018-19 will be a normal year," Chidambaram said. India's economy grew at 7.1% in the July-September quarter, the lowest in three quarters, but still remained ahead of China to remain the world's fastest-growing major economy.
Second quarter GDP is estimated at Rs.33.98 lakh crore: Data
The GDP at constant prices (2011-12) had grown at 6.3% in the July-September quarter of the last fiscal, according to government data released yesterday. The size of the GDP in the second quarter of 2018-19 is estimated at Rs. 33.98 lakh crore, as against Rs. 31.72 lakh crore a year ago, showing a growth-rate of 7.1%, said a statement of Central Statistics Office (CSO).
Indian economy grew at 8.2% in April-June quarter of 2018
The CSO has released the second quarter statistics on 30th November 2018. It stated that the Indian economy grew at 8.2% in the April-June quarter of this fiscal. The Gross Domestic Product (GDP) growth was 7.7% in the January-March quarter.