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India's Q2 GDP growth above estimates at 8.9%

Discussion in 'Indian Defence Forum' started by BS_Buster, Nov 30, 2010.

  1. BS_Buster

    BS_Buster BANNED

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    India may hit double digit growth this year, :chilli::victory::yahoo::cheers:







    30 Nov, 2010, 11.20AM IST,AGENCIES

    India's Q2 GDP growth above estimates at 8.9% vs 8.8% QoQ

    India's Q2 GDP growth above estimates at 8.9% vs 8.8% QoQ - The Economic Times

    NEW DELHI: India's economy grew a forecast-beating 8.9 percent year-on-year in the July-September quarter, data showed on Tuesday, as the South Asian nation returned to pre-financial crisis expansion levels.

    The fiscal second-quarter boom beat expectations of growth of around 8.2 percent and was propelled by a 9.8-percent jump in manufacturing from a year earlier and an 8.8-percent leap in construction.

    Asia's third-largest economy also got a boost from stronger farm production, which expanded 4.4 percent, thanks to a bountiful monsoon, data from the Central Statistical Organisation showed.

    The growth estimates got a leg up as the industrial sectors, which account for approximately 20% of the overall GDP, got a boost in the second quarter due to the lower inflation numbers under the new series.

    Lower inflation numbers gave a statistical boost to industrial growth estimates and national income numbers, compared with those estimated using the old series.

    Rupa Rege Nitsure, Chief Economist, Bank of Baroda , said: "This indeed is a very strong reading despite the fact that we had seen some easing of industrial production in the second quarter. With this reading, achieving a 8.5 percent for full year growth target is not going to be difficult. From a market perspective, this means that India will attract more capital inflows and it will put upward pressure on the rupee."

    "From the central bank perspective, this data will enable them to concentrate on inflation management. I expect the Reserve Bank of India to continue caliberating monetary policy. I expect another 25 basis points increase in both repo and reverve repo rates in the December policy and depending on the intensity of capital flows that the country attracts, there is a strong possibility of a CRR (cash reserve ratio) hike in the fourth quarter," added Nitsure.

    Annual headline inflation eased to 8.58 percent in October from a year earlier, lowest in last 10 months. Asia's third-largest economy is expected to grow 8.5 percent in the current fiscal to March 2011.

    The economy, which had grown more than an annual 8 per cent in the last two quarters, has been riding on robust manufacturing activity and the outlook for farm output has brightened following good monsoon rains.

    The central bank's next monetary policy review is on Dec. 16. Analysts polled by Reuters expect the RBI to raise rates by an additional 25 basis points by the end of the fiscal year that ends in March.
     
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  2. Chinese-Dragon

    Chinese-Dragon RETIRED TTA

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    Good work. :cheers:

    At this rate, you should be hitting double-digits very soon.
     
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  3. Lala_Peace

    Lala_Peace BANNED

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    Thanks..:tup:

    I am optimistic with right policies in place and hopefully corruption under check we will be there. Your country is an inspiration for India in this particular aspect.
     
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  4. GORKHALI

    GORKHALI SENIOR MEMBER

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    We have to consistent with the growth for another 15 - 20years to complete wipe out of poverty.. I can see a Dr abdul kalam india 2020 which he always dream for..
     
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  5. MST

    MST FULL MEMBER

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    Dr Kalam's India 2020 might come true by 2030 if we continue to grow on average around 10% till then. If this hopefully comes true it will still be a great achievement. :cheers:
     
  6. Ganga

    Ganga FULL MEMBER

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    This year was actually bad for India.Just look at the number of scams.In order to succeed we need to get rid of our corrupt politicians.
     
  7. BS_Buster

    BS_Buster BANNED

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    This year itself India will hit double digit.

    Because the estimated over all GDP growth was 9.6 but in first and second quarter GDP growth is above estimates. :partay:
     
  8. Chinese-Dragon

    Chinese-Dragon RETIRED TTA

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    Fair enough, I edited my post to say "very soon". :tup:
     
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  9. Nalwa

    Nalwa FULL MEMBER

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    Achieving a high growth rate hasnt been a problem for us. Permeating the effects of the growth to all levels of society is what we should be aiming for.
     
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  10. Jade

    Jade SENIOR MEMBER

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    You don't have to be so nice Chinese Dragon...and you know that India is not going clock two digit growth this year :cheers:
     
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  11. Chinese-Dragon

    Chinese-Dragon RETIRED TTA

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    I think it's certainly possible for India to achieve double-digit growth in 2011.

    I have never once doubted the dormant strength of Asia as a whole. History shows what can happen when Asia is at its rightful place in the world. :tup:
     
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  12. kingdurgaking

    kingdurgaking FULL MEMBER

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    Exactly... GDP growth is all fine.. other side looks very very pathetic.. Every page is full of scam, probes etc etc but no outcome.. When are we going to come out of this corruption i dont know..
     
  13. BS_Buster

    BS_Buster BANNED

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    Why?
    :chilli::chilli::chilli:
     
  14. SacredFire

    SacredFire BANNED

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    This year was actually good. The scams at least got uncovered. Previously similar such scams used to go unnoticed. Politicians, media, corporates - all of them got exposed.
     
  15. BS_Buster

    BS_Buster BANNED

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    Politicians and corporates are not new but mediaperson like burkha butt and vir sangvi are disgusting. :hitwall: