India's annual economic growth slows to 7 percent in December quarter

This is not the first time that he has lauded PM Narendra Modi for demonetisation
This is not the first time that he has lauded PM Narendra Modi for demonetisation

01 March, 2017

Data released by the Central Statistics Office (CSO) on Tuesday showed that the rate of economic growth in the three months ending December slowed marginally from the 7.4 per cent in the preceding quarter.

Accordingly, Moody's has revised its real GDP growth forecast to 2.4 per cent in 2017 and 2.5 per cent in 2018, from 2.2 per cent and 2.1 per cent, respectively.

CSO is not alone. Analysts had expected a 6.4-6.7 percent growth rate due to demonetization which was announced by Narendra Modi to curb black money in the economy. The RBI and other agencies had lowered GDP projections arguing that the note ban would have short-term impact on the Indian economy.

Care Ratings chief economist Madan Sabnavis sees growth to slow as much as 5.4% in Q3 and to 6.75% for full fiscal year 2016-17, as note ban dampened activity in manufacturing as well as services sectors. Anticipated growth of real GVA at basic prices in 2016-17 is 6.7 per cent against 7.8 per cent in 2015-16. Moving in sync was the International Monetary Fund (IMF) which saw the economy growing at 6.6 per cent - significantly lower than its initial estimate of 7.6 per cent.

The U.S. economy grew at a weak 1.9 percent pace in the final three months of past year, although consumers kept up their spending from the more robust third quarter.

"There are widespread doubts about the accuracy of the national accounts numbers, and the unexpected strength of today's data will do nothing to allay these concerns", he said in a note to investors.

Arsenal academy boss Andries Jonker takes Wolfsburg top job
The 2008/09 Bundesliga champions decided to make a change after Ismael, a former defender with the club, won six games in 17 matches in charge having taken over from Dieter Hecking in October 2016.

Drug OD deaths almost tripled since 1999, CDC says
In 2015, the highest rate of drug overdose deaths was among people ages 45 to 54, with a rate of 30 deaths per 100,000 people. In Wisconsin, policy makers launched an opioid task force and facilitated lower prices on an anti-overdose drug.

Canberra's retail, hospitality workers speak on Fair Work Commission rate cuts
The Fair Work Commission has spent nearly two years weighing evidence from more than 140 witnesses and 6000 written submissions. Ms O'Neill, in her honours year at university, said she barely made enough to pay her expenses without the penalty rate cut.

The per capita net national income (current price) during 2016-17 is estimated to be Rs1,03,818 showing a rise of 10.2 per cent compared to Rs94,178 during 2015-16 with the growth rate of 8.9 per cent. Since the recession ended in mid-2009, annual growth has averaged 2.1 percent, the worst performance for any recovery in the post-World War II period.

The GDP estimate released Tuesday is based on more complete source data than were available for the "advance" estimate issued last month.

"Growth is expected to recover in the next financial year".

Quarterly estimates of GDP for the third quarter October-December (Q3), 2016-17 both at constant (2011-12) and current prices along with the corresponding quarterly estimates of expenditure components of GDP were also released.

Ficci Secretary General Didar Singh said with the second advance estimate for 2016-17 at 7.1%, the data belies the widespread expectation of sub 7.0% growth this fiscal year.

More news

  • 'Swedish national defence and security adviser' unknown to government officials

    The comments appeared to refer to recent terror attacks in Germany and elsewhere, but no such attack has occurred in Sweden. Bildt was born in Sweden, the son of Sven Tolling, who is apparently well-known in equestrian circles.
    AMD Ryzen 8-Core CPU Launches March 2nd For $329

    AMD Ryzen 8-Core CPU Launches March 2nd For $329

    Demonstrations of gaming performance also indicated superior performance , mostly thanks to the presence of eight physical cores. The three CPUs announced feature eight cores and 16 threads. "The market's been a little starved for innovation frankly".

    Here's your first look at gameplay and the new Warden class

    Take a look at the first look of Morrowind gameplay, including a sneak peek at the new player class, the Warden. The video provides a first look at what the island of Vvardenfell looks like in the MMO.
  • Steelers place franchise tag on Le'Veon Bell

    It's the first time the Steelers have used the exclusive rights franchise tender. In his four-year career, he's only managed to play a full, 16-game season once.
    Jim Herman fires first-round 67 at Honda Classic

    Jim Herman fires first-round 67 at Honda Classic

    He chipped 15 feet by the pin and made bogey, then left a wedge short of the 18th green and had to scramble for a par and a 66. Jordan Spieth was six shots clear at Pebble Beach, while Dustin Johnson was up by five shots at Riviera, both going on to win.
    20 best Oscar-winning movies on Netflix right now

    20 best Oscar-winning movies on Netflix right now

    Jackson, Scarlett Johansson, Dakota Johnson, Kate McKinnon, Oscar victor Shirley MacLaine and Oscar nominee Hailee Steinfeld. Emma Stone has also won all the precursor awards and the Oscar will be a fine culmination of her labours.
  • Moyes urges Black Cats to silence Lukaku

    Moyes urges Black Cats to silence Lukaku

    Everton manager Ronald Koeman said now is not the time to discuss a new contract amid speculation linking him with Barcelona. We know the team behind us is West Brom, who we play at home in two weeks, and above there is still a gap.

    Sixers trade Ersan Ilyasova to Hawks for Tiago Splitter, picks

    Splitter is now injured, dealing with a calf injury, and he's not going to immediately be available to the 76ers. They will return from the All-Star break in fifth place in the Eastern Conference, a half-game behind Toronto.
    Kerala cops moral police couple, get recorded on Facebook Live

    Kerala cops moral police couple, get recorded on Facebook Live

    Behera said that self-restrain is generally imposed on PDA in 'view of the culture and tradition of the country'. But instead of responding, the police forced them to pay a fine for indulging in "vulgarity" in a public place.
  • Some Nintendo Switch Games Don't Support TV Mode

    The Switch is also region-free, so if your Nintendo Account originates in Japan, you'll have access to games like VOEZ . Surrounded by excited fans and curious onlookers, the event will kick off a new era in Nintendo gaming.
    Amal Clooney debuts baby bump at Cesar Awards

    Amal Clooney debuts baby bump at Cesar Awards

    George, who received an honorary award at the Cesars, recently spoke of his excitement at becoming a father. Clooney complemented her outfit with silver-white dangling earrings, a bejeweled cuff and a white clutch.

    Dylann Roof stopped at second church after Charleston shooting

    The GPS data suggested it wasn't the first time Roof had gone near Branch AME Church. Roof had represented himself in court since the penalty phase of the trial began.