This clearly indicates that economy has a turnaround after demonetization and GST. Services growth is projected to accelerate to 7.7 per cent in the third quarter 2017-18 from 7.1 per cent in the previous quarter. The economy is growing even without government support. Manufacturing contributed 20.7% and "Financial, real estate and professional services" 18.6%.
Factory output or Index of Industrial Production (IIP) for the month of December 2017 came in at 7.1%, compared to 8.4% in November 2017 and 2.2% in the month of October 2017. But the data does show that the recovery has been broad-based.
However, growth in agriculture, forestry, and fishing, which employ over half of the country's labor force, would be able to achieve only a 3% growth rate.
Before seeing an expansion in the second quarter of 2017-18, the Indian economy had fallen for five straight quarters, raising concerns in government circles.
At the same time, Corporate sector's performance, as measured by operating profits of a sample of BSE 500 companies, also rose 9.8% YoY in 3QFY18, up from 7.8% in the previous quarter.
The construction sector recorded a growth of 6.8%, higher than 2.8% in previous quarter. Commentators expect fourth small rate hike this year. Broadly, the numbers are in line with our estimation for full year GDP at 6.7 percent.
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"We have to also understand that the figures for the informal sector which saw huge lay-offs and shut-down of manufacturing units have not been counted and once that is done, these growth figures will have to be discounted", he added. Most growth engines are showing some promise compared with the dismal performance in the recent quarters. In addition, the data for eight core infrastructure sectors - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - showed improved growth of 6.7 percent for January, up from 4.2 percent in December and 3.4 percent in January 2017.
Let's see how indicators have performed between October and December quarter.
It isn't clear, for instance, why exports haven't grown much despite the rebound in global trade. However, this is more or less baked into bond yields, which have already gone up sharply. He is facing a lot of criticism over Rs12600 bank fraud at Punjab National Bank this month.
"The worst of Indian economy is behind us", declared Sujan Hajra, economist at Anand Rathi securities.
India's Gross Domestic Product (GDP) growth has further accelerated 7.2% in the quarter ended December 2017 (Q3 of 2017-18), showing improvement from 6.5% growth in the preceding last quarter and 6.8% in the corresponding quarter past year.