Economy bounces back to record 5.7% growth, highest in over two years

[SR-91]

NEW DELHI: Buoyed by performance of mining, manufacturing and services sector, Indian economy has bounced back to record a growth rate of 5.7 per cent for the April- June quarter, highest in the past two-and-half years.

India's gross domestic product had expanded by 4.7 per cent April-June quarter of the last fiscal ended March 31.

According to data released here on Friday by the Central Statistics Office (CSO), manufacturing sector recorded a growth of 3.5 per cent in the first quarter of 2014-15 as against a contraction of 1.2 per cent in Q1, 2013-14.

The mining sector too grew by 2.1 per cent in April-June quarter compared a decline in production by 3.9 per cent the year-ago period.

The highest growth rate during Q1, 2014-15 was recorded by financial services sector at 10.4 per cent, followed by electricity gas and water supply at 10.2 per cent.

The previous high of GDP growth rate was recorded at 6 per cent in the October-December quarter of 2011-12. The economic growth in preceding quarter (January-March) was 4.6 per cent.

Manufacturing sector recorded a growth of 3.5 per cent in the first quarter of 2014-15.

The construction sector expanded 4.8 per cent in first quarter of this fiscal as against 1.1 per cent growth in the year-ago period.

Growth in the trade, hotels, transport and communications segment also inched up to 2.8 per cent in the first quarter from 1.6 per cent in the same period of 2013-14.

As regard the farm sector which includes agriculture forestry and fishing recorded at deceleration in growth at 3.8 per cent in first quarter compared to 4 per cent a year ago.

Gross Fixed Capital Formation, a barometer of investment at current prices is estimated at Rs 8.14 lakh crore for Q1, as against Rs 7.32 lakh crore a year ago.

At constant (2004-2005) prices, the GFCF is estimated at Rs 4.96 lakh crore in Q1 as against Rs 4.63 lakh crore.

Economy bounces back to record 5.7% growth, highest in over two years - The Times of India


Great news to start a day.

 

[Parul]

Economy is getting Modified!

 

[NKVD]

Not until it will reaches its former glory

 

[Shardul.....the lion]

Great news............. hope in a yar or two it reaches back to 8-9

 

[Brahmos_2]

Great news.....

i hope modi will take it to 9% in few years...

 

[blood]

till 5th year of modi gov we will reach 9 %

 

[Tridibans]

We started our golden period during Vajpayee's term and again under Modi we will reach the 9-10% mark. Hope NDA comes back to power in 2020 and I am sure India will be a top economy by 2024

 

[IND151]

Its good that GDP growth rate has increased but it must reach 7% (annual growth rate) and average growth rate should be at least 7% for next 10 eyars.

 

[SR-91]

NEW DELHI: The next 10 years could be India's decade and it is likely to beat even China in terms of growth, Boston Consulting Group chairman Hans-Paul Burkner said.

"I think there is no reason why India should not go back to 7% growth. I think if India unleashes its full potential, it can grow faster than China. China's growth rate will still be 6.5-7%, which is still very good," he said.

But India needs to open up its economy. "It requires significant investments in people, ..

Read more at:
If India unleashes its full potential, it can grow faster than China: Hans-Paul Bürkner, Chairman BCG - The Economic Times




PM Modi's big plan: Get education, medical & birth records online in a digital locker - The Economic Times



PM Modi's big plan: Get education, medical & birth records online in a digital locker.

NEW DELHI: Prime Minister Narendra Modi's next big push to free up service delivery from the hold of the lower bureaucracy will be in the form of a 'digital cloud' for every Indian. Certificates issued by the government — education, residential, medical records, birth certificates etc — are to be stored in individual 'digital lockers' and a communication protocol established for government departments to access them without physically having to see the hard copy. Information and technology secretary Ram Sewak Sharma, who is overseeing the ambitious MyGov.in programme of the government, told ET that this was one of the ideas Modi had frequently flagged as something that would resonate with all Indians.

"The Prime Minister was very clear that he didn't want copies of certificates issued by the government itself to be carried around by people to government offices for various services. For example, if a student is applying for a government college and has studied in a government-aided school, his birth certificate, identity details and educational certificates, school-leaving details et al should be accessible by organisations where he is applying. Similarly for medical records," he said.

The first step in this endeavour is floating the idea on the MyGov.in portal, where suggestions for working out a "communication protocol" or what is called an applications programming interface ( API) will be solicited. "There is a vast resource of talent out there which we are engaging with now," Sharma said.

Top sources in the government confirmed that the decision to take the programme to the public through the MyGov.in interface along with inviting suggestions for what should happen to the Planning Commission was part of Modi's effort to liberate policy formulation from what's referred to as the 'India International Centre' clique. "This is very much what he did during the election campaign in terms of sourcing new ideas and suggestions, and going with it," said a source in the government.

Sharma terms MyGov.in as on its way to being the "world's largest platform in citizen engagement in policy making." Others in the
gover

nmen

t said that it kicked off on May 16, the day the BJP registered its massive win. "Every message of congratulation was responded to with a link, a form which solicited your areas of interest and skill sets, the idea, even then was to go off the Beltway, as Barack Obama put it, and source ideas from people with talent and qualifications but who, for professional reasons, are outside of the policy ecosystem," said a source

As of now, more than 2 lakh people have registered on the portal. Two tasks — designing the Independence Day e-greeting to be issued by the government and the logo of the finance ministry — have already been completed. Ideas for Digital India have received the maximum number of suggestions, followed by Clean India and job creation (see box). "As of now a small team from the National Informatics Centre is manually sifting through the suggestions, but we are looking at a more man-machine hybrid sifting process," added Sharma.




Read more at:
PM Modi's big plan: Get education, medical & birth records online in a digital locker - The Economic Times





Read more at:
PM Modi's big plan: Get education, medical & birth records online in a digital locker - The Economic Times

 

[he-man]

We need to be in double digits in 6-7 years.............thats the potential we have.

Just increase the manufacturing and u will see we will easily cross 10% post 2020 provided there is no global depression

 

[Nova2]

We need to be in double digits in 6-7 years.............thats the potential we have.

Just increase the manufacturing and u will see we will easily cross 10% post 2020 provided there is no global depression

that would be a disaster. Though the political mindset is to indeed have a double digit growth rate,which is very much possible,no wonder somewhere i read that they want Indian economy to be at ~$4.5trillion by 2020 ,that is in six years ,which is impossible without a double digit growth.


Btw, welcome back

 

[he-man]

that would be a disaster. Though the political mindset is to indeed have a double digit growth rate,which is very much possible,no wonder somewhere i read that they want Indian economy to be at ~$4.5trillion by 2020 ,that is in six years ,which is impossible without a double digit growth.


Btw, welcome back

Aa i said earlier we are already very good in services sector and despite the shitty situation today we are still growing at 5 % approx(this qurter was 5.7%).................if we can revamp manufacturing in a decade or so double digit growth is a given.

As china is gonna shift from mnufacturing to consumption .................also their salaries have increased so manufacturing will logically shift to india in a decade or so.

 

[WAR-rior]

that would be a disaster. Though the political mindset is to indeed have a double digit growth rate,which is very much possible,no wonder somewhere i read that they want Indian economy to be at ~$4.5trillion by 2020 ,that is in six years ,which is impossible without a double digit growth.


Btw, welcome back

Its very much possible. We just need 8-9% Avg growth for 6 yrs with no CAD. More Exports than Imports will push Indian currency stronger. Afterall Nominal GDP is just a calculation. Real GDP is PPP GDP which shows the current growth pattern which infact is predicted to be growing around 9 till 2020.

Just get ur currency strong around 45-50 and we have a 4.5 Tn economy.

 

[Chinese-Dragon]

The Modi effect?

 

[he-man]

The Modi effect?

Nope..........it is what should always be under normal conditions.
We can go to double digits in 6-7 years when infrastructure is improved and more reforms are done.

We have got the manpower..............more than any place on earth except china