(LiveMint)
India’s GDP growth surged by 6.3% in the September quarter, in an indication that the Indian economy has shaken off the lingering effects of demonetisation last year and GST rollout on 1 July. The Indian economy has expanded for the first time in five quarters. It had slowed to a three-year-low of 5.7% in the June quarter.
The GDP data for the September quarter came on a day when it was reported that India’s fiscal deficit at the end of October hit 96.1% of the budget estimate for 2017-18.The GDP numbers, however, were slightly below expectations. A Bloombergsurvey of economists predicted GDP growth at 6.4%. But the upturn will come as a relief for Prime Minister Narendra Modi, who has been dogged by criticism over two major reforms—GST and demonetisation—that stalled India’s much-needed economic expansion.
