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Jaitley indicates merger of 12 per cent, 18 per cent GST slabs

Jaitley indicates merger of 12 per cent, 18 per cent GST slabs

After sliding for nearly five quarters, country's economy has rebounded from a three-year low to swell by 6.3 per cent in July-September quarter. The country's fiscal deficit crossed 96 per cent of Budget estimates at October-end.

The Gross Value Added (GVA) which is the total value of goods and services produced in the country after deducting the input cost accelerated 6.1% in the September quarter from 5.6% in the last quarter.

Finance Ministry officials hope the central bank will cut interest rates soon, but analysts say that rising global oil prices, which could pinch consumers through higher inflation, may instead force the RBI to hike in the second half of 2018, denting growth momentum.

Syncing with recent Moody's upgrade of India's sovereign credit for the first time in almost 14 years, the growth buoyancy comes at a time when the Modi Government has been facing Opposition charges of wrong implementation of demonetisation and GST that disrupted the $2.4-trillion economy. It was 7.5 per cent in the September quarter of 2016-17.

His comments come ahead of the second quarter GDP data that will be released by the Central Statistics Economy later this evening.

Microsoft's Redesigned Headquarters Will Have Some Cool Stuff
Auto parks that sat adjacent buildings will be moved underground to provide more space for buildings and recreational ground. That would enable Microsoft to raise the headcount at Redmond to a staggering 55,000 employees.

Releasing GDP data in New Delhi today, Chief Statistician of India T C A Anant said the GDP growth has seen a reversal trend from declining trend in the last five quarters.

"Manufacturing reported growth of 7 per cent, electricity, gas and water supply at 7.6 per cent, and trade, hotels, transport and communication grew at 9.9 per cent", he said. Fixed capital formation, being up to 4.7%, means the investment is going upward.

Underlining the strong fundamentals of the economy, Finance Minister Arun Jaitley on Thursday said India has standardised itself for a growth rate of seven per cent to eight per cent. "It's possible that anticipating the need for the festive season, most of the production went into the sale and inventory restocking may happen later...inventory accumulation effect may persist in the third quarter as well", he explained.

Reversing the five quarters of slowing GDP growth, Indian economy expanded by 6.3 per cent in July-September on the back of a pick-up in manufacturing. If it slows down, it is more towards 7 and if it paces up it is more towards 8 per cent growth. The growth in public administration, defence and other services also stood at 6 per cent.

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