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4:13 am - Tuesday November 21, 2017

Jaitley says GDP likely to grow further in Q4; economy not affected by note ban

Agencies, New Delhi

Union Finance Minister Arun Jaitley today said India’s economic growth in the fourth quarter was going to rise higher as remonetisation was picking up, and there were first signs of recovery of global economy after the slow down.

‘The 7 per cent growth in GDP as shown in the 3Q data released yesterday that demonetisation had not affected growth as was thought,’ Mr Jaitley said. The rise in GDP growth comes amidst the fears expressed by several economists, including former prime minister Manmohan Singh, about the adverse impact of the note ban on the economy.

The Finance Minister, who has talking to DD after returning from his four-day visit to the UK, attributed the increase in GDP mainly to the growth in the agricultural sector, but also noted the contribution of manufacturing. ‘A combination of factors like remonetisation picking up substantially, resilience in the economy, increase in demand and first signs that the world was recovering from the phase of economic slowdown, gives reason to hope that the economic growth will pick up further in the fourth quarter,’ he said.

According to the data released yesterday, India’s economy grew at a pace of 7 per cent in third quarter of the financial year 2016-17 and is expected to grow at the rate of 7.3 per cent in financial year 2017-18. Chief Statistician of India and Secretary, MOSPI, TCA Anant, said that the rate of growth in the three months ended December slowed slightly from 7.4 per cent in the preceding quarter.

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