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Slide in GDP growth arrested, second quarter data shows 6.3 per cent increase

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Slide in GDP growth arrested, second quarter data shows 6.3 per cent increase

[vc_row][vc_column][vc_column_text]Indicating a possible cessation of the slide in India’s Gross Domestic Product (GDP) seen over the last successive five quarters, government data released on Thursday, November 30, showed a growth rate of 6.3 per cent in the second quarter (July-September) of financial year 2017-18.

The figure for the previous quarter, April-June, had hit a three-year low of 5.7 per cent.

The GVA (Gross Value Added) to the economy stands at 6.1 per cent, up from 5.6 per cent in the last quarter.

Infrastructure output grew 4.7% in October from a year ago, driven by higher refinery production. The infrastructure output, comprising eight sectors such as coal, crude oil and electricity, accounts for nearly 40% of India’s industrial output.

The growth in output compares with a downwardly revised 4.7% year-on-year growth in September. During April-October, the annual output growth was 3.5%, data showed.

A government press release said: “The economic activities which registered growth of over 6.0 percent in Q2 of  2017-18 over Q2 of 2016-17 are ‘manufacturing’, ‘electricity, gas, water supply & other utility services and ‘trade, hotels, transport & communication and services related to broadcasting’.”

“The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘construction’ ‘financial, insurance, real estate and professional services’ and ‘Public administration, defence & other services’ is estimated to be 1.7 percent, 5.5 percent, 2.6 per cent, 5.7 percent  and 6.0 percent respectively, during this period,” said the press release.

Addressing a press conference in New Delhi, Chief Statistician of India, Dr TCA Anant, said the recovery of GDP growth to 6.3% in Q2 from a 3-year low of 5.7% in Q1, after almost 5 quarters of decline, “marks a reversal which is very encouraging”.

“Manufacturing growth has been one of the main reasons for the encouraging growth rate figure of 6.3 per cent for 2nd Quarter,” he added.

Replying to a question on how the implementation of GST has impacted the GDP, Anant said “it introduced a measure of statistical challenge for us” while calculating the growth rate.

He said the tax collection data is still being updated and current calculation was made on reported tax collections.

Welcoming the numbers, former union finance minister P Chidambaram, struck a note of caution:

“Happy that the July-Sep quarter has registered a growth rate of 6.3%. This a PAUSE in the declining trend of the last five quarters. But we cannot say now whether this will mark an upward trend in the growth rate. We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion,” he said in a series of tweets.

Senior BJP leader and former finance minister Yashwant Sinha, who had criticised Modi government’s handling of economy, tweeted: “India must grow at 8% to 10% to create the jobs we need for our youth. But let us celebrate 6.3% as a great achievement of our government. All our problems now stand resolved.”

“Agri production has declined sharply, manufacturing has fallen, construction is down yet wait to see how we go gaga over this figure of growth,” he said in another tweet.

Earlier this month, rating agency Moody’s – which upgraded India’s credit rating to Baa2 from Baa3 and changed its India outlook to positive from neutral – said it expected the economy to grow at 6.7 per cent this fiscal and rise to 7.5 per cent in 2018-19.

Earlier in the day, the stock market saw a sharp slump, dropping over 450 points. Reliance Industries, SBI and ICICI bank were among those who recorded loses.

Finance Minister Arun Jaitley on Thursday asserted that improved macroeconomic fundamentals have placed India on the growth trajectory and the country would have to invest heavily in infrastructure over the next two decades to graduate to a middle-income economy.

The bounce back in economy was widely expected as there were clear signs of the businesses coming out of the slowdown caused by demonetisation and the roll out of GST, said media reports. A Reuters poll of economists had predicted a growth rate of 6.4 per cent, while various other bodies projected the rate between 5.9 per cent and 7.1 per cent.

Other indicators like passenger vehicle and tractor sales, industrial production, electricity generation and rail cargo were all reported to have accelerated in the past few months. Big companies have also largely adjusted to the changes while benefiting from reduced logistics costs. Prominent Indian firms had their best profit growth in last six quarters in July-September, according to Thomson Reuters data. According to the data, Indian companies’ total profits are expected to grow 25% in the next fiscal year, which would be the highest in Asia.

However, concerns still remain on the consumption and private investment front which have failed to pick up despite the economy staging a comeback of sorts. Also, the finance ministry has been unsuccessful in convincing RBI for a cut in key policy rates. Analysts on the contrary say that rising global oil prices could pinch consumers through higher inflation and may instead force the RBI to hike the rates in the second half of 2018, denting the growth momentum, according to media reports.[/vc_column_text][/vc_column][/vc_row]

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Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

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Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

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Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

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Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

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Facebook chief Mark Zuckerberg shares pictures from 2nd day of Anant Ambani and Radhika Merchant pre-wedding celebrations

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

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Facebook boss Mark Zuckerberg and wife Priscilla Chan joined the star- studded pre-wedding celebrations of Anant Ambani and Radhika Merchant in Jamnagar on Friday. The event was attended by many prominent figures from different fields. Zuckerberg took to his Instagram handle congratulated the couple and said he loved Indian weddings.

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

The theme of the opening day of the pre-wedding celebrations was Evening in Everland as the guests wore cocktail attire. The first day of the grand celebrations elevated the expectations of the guests for the following days. The theme of the 2nd day of the pre-wedding bash is known as a Walk on the Wildside and the guests can be seen in Jungle Fever attire.

Zuckerberg has opted for an animal print shirt with white trousers, Chan is complementing his look in a strappy one piece in black and golden. The Jungle theme is aligned to Vantara, Reliance’s animal welfare initiative undertaken and launched by Anant Ambani a few days back.

International pop star Rihana electrified the pre wedding celebrations on Friday with an amazing performance, marking her debut appearance in India. The chart topping artist engaged the audience with performances of her iconic hits which included Pour it Up, Work and Diamonds.

Zuckerberg graced the opening day, wearing a black-on-black firefly blazer and shoes from Alexander McQueen while his wife Priscilla wore a black gown with gold flower details and other accessories such as dainty chain bracelet, gold necklace and stud earrings. Mark Zuckerberg and wife Priscilla Chan are one of the Power couples invited from the global business community for the festivities currently underway at Jamnagar.

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