India's economy rebounds

CNC
Added On December 2, 2017

The latest government data showed the Indian economy grew 6.3 per cent in the quarter ending September from a year earlier, recovering from a three-year low of 5.7 per cent in the previous quarter.
 
The year-on-year growth was in line with economists' expectations and polls by television channels that projected growth rates between 6.2 and 6.4 per cent. India's financial year runs from April to March.
 
Officials said the data showed a "significant trend reversal," as the economy had shaken off a slowdown owed to the sudden withdrawal of high currency notes last year and uncertainties related with the implementation of a new composite tax.
 
SOUNDBITE (English): TCA ANANT, Indian Chief Statistician
"We have been seeing declining numbers from the end of fourth quarter 2015-16. Thereafter, every quarter, the number has been subsequently declining. So in that sense, this marks the reversal in direction and it is very encouraging. "
 
Growth was boosted by an expansion of 7 per cent in manufacturing, 7.5 per cent in electricity, gas and water supply, and 9.9 per cent in trade, hotels, transport and communication.
  
STANDUP (English): ASHWANI UPADHYAY, CNC Correspondent 
"Many got surprised when the first quarter results were out for Indian economy's GDP growth,that was just 5.7 percent. But the more shocking news was for manufacturing because it grew at a sluggish pace of just 1.2 percent. And now when the Indian economy has grown in the last quarter at 6.3 percent, manufacturing is certainly seeing a revival of sorts. "