GDP growth brings hope of economic revival: Industry chambers

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New Delhi, Feb 28 (IANS) Industry chambers hailed the 7.2 per cent growth in India’s GDP for the third quarter (Q3) of 2017-18, and expressed optimism regarding economic revival and growth in the days ahead.

A pick-up in the country’s manufacturing, construction and agriculture sectors accelerated India’s third quarter 2017-18 GDP growth to 7.2 per cent from a rise of 6.5 per cent achieved in the second quarter, official data showed here on Wednesday.

Here is what the industry bodies had to say:

D.S. Rawat, Secretary General, Assocham: “The 7.2 per cent growth in GDP for Q3 also highlights an improvement in investment, manufacturing and construction thereby giving hope for a good pace of economic growth in the next fiscal, as the stage is now set in FY2017-18.”

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“However, the gross value addition, which is net of taxes, is not as good as GDP, underscoring the fact much more needs to be done in terms of sustainable growth,” he added.

Anil Khaitan, President, PHD Chamber of Commerce and Industry: “The GDP growth at 7.2 per cent in Q3 of 2017-18 is inspiring and strong signs of economic revival are visible.”

He further added: “Going ahead, we believe the growth trajectory should continue to improve as teething problems of GST are almost over and the economy is looking up once again.

Chandrajit Banerjee, Director General, CII: The growth in GDP is “noteworthy and strengthens the perception that the Indian economy is at the threshold of a sustained rebound in growth. Manufacturing and some services sub-sectors are the key drivers of growth during the quarter.”

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