The GVA (Gross Value Added) to the economy stands at 6.1 per cent, up from 5.6 per cent in the last quarter.
The GDP of Asia's third-largest economy grew 6.3% in the three months through September compared to a year earlier, according to government data issued Thursday. "But we can not say now whether this will mark an upward trend in the growth rate", Chidambaram added. To scale to 10 per cent rate is "very challenging" and it will not depend on domestic factors only but on how the world is moving, he said.
The country's economic growth recovered to more than 6 per cent in the July-September quarter, backed by strong manufacturing, allaying doubts related to disruptions caused by the goods and services tax (GST).
The GDP had fallen to a three-year low of 5.7 per cent in the previous quarter (April to June 2017-18).
He said the government reforms to push economic growth are working can be seen from the robust growth of seven percent in manufacturing and 7.1 percent in services in the second quarter of this fiscal. "We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion", Chidambaram said in his reaction to the latest GDP figures released by the Central Statistics Organisation (CSO).
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"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. Analysts says that it is an indication that firms are starting to recover after being hit earlier this year by uncertainty tied to the rollout of the GST and last year's notes ban.
The gross fixed capital formation, a leading indicator for investment in the country, grew 4.7% in the September quarter up from just 1.6% in the previous one.
Chief statistician T.C.A. Anant hinted that the GDP numbers could be revised upwards in future as businesses uncertain of the new GST regime may have accounted for lesser taxes.
While manufacturing grew rapidly at 7% in the September quarter from merely 1.7% in the first quarter (April-June), the growth in electricity and other utilities was recorded at 7.6% and it was nearly 10% in trade, hotel, transportation and communication.