GDP Growth at 7.3% in Q2 2016-17 inspiring: PHD Chamber

Mr. Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry appreciated the GDP growth registered at 7.3% for Q2 2016-17 despite slowdown in world economy.

The GDP has been majorly supported by favourable monsoon and good manufacturing growth on account of the progress of Make in India, said Mr. Jiwarajka.

Dynamic policy reform measures undertaken by the Government during last few years have started giving fruitful results as GDP is following a steady growth trajectory, he said.

The growth of agriculture sector has shown an upward trend from 1.8% in Q1 2016-17 to 3.3% in Q2 2016-17, said Mr. Jiwarajka.

The growth of manufacturing sector at 7.1% in Q2 2016-17 is encouraging, however, we look forward to see the growth at around 10% in the coming quarters, said Mr. Jiwarajka.

Construction sector growth has improved from 1.5% in Q1 2016-17 to 3.5% in Q2 2016-17.

Though, there are some apprehensions about the growth scenario in the current quarter vis-a-vis demonetization of the Rs.500 and Rs. 1000 notes, still we are hopeful that our economy will remain steady on the back of various progressive decisions of the Government, he said.

The growth in fourth quarter will compensate the overall GDP of the year and overall growth will remain at around 7%, said Mr. Jiwarajka

We expect a good momentum in rural demand vis-a-vis bumper rabi crops in the coming quarter, he added.

Demand will re-emerge fully with the new currency in circulation in the coming quarters, said Mr. Jiwarajka.