Wait for 3-4 quarters before concluding on growth rate: Chidambaram

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The new numbers indicate that the economy is recovering after it hit a temporary slump following last year's note ban and the rollout of GST.

Infrastructure output grew 4.7% in October from a year ago, driven by higher refinery production.

In another tweet, he said that "6.3 per cent is far below the "promise" of the Modi government and far below the "potential" of a well-managed Indian economy".

GDP growth rate at constant prices during the second quarter of this fiscal is estimated at six point three per cent which is up from five point seven per cent over the first quarter.

China remained ahead of India for a third quarter in a row in July-September, posting 6.8 per cent growth.

"Buoyed by the overall improved GDP number, Finance Minister Arun Jaitley said, "perhaps the impact of two structural reforms â€" GST and demonetisation were behind us".

He said the tax collection data is still being updated and current calculation was made on reported tax collections.

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The fiscal second quarter (July-September), which coincided with the July 1 roll-out of GST, saw GDP growth accelerate to 6.3%, from 5.7% in the first quarter.

Commenting on the demonetisation drive past year and its impact on India's growth, Anant said the move will be very hard to read from GDP numbers. "But we can not say now whether this will mark an upward trend in the growth rate", Chidambaram added. After the five quarters of growth decline, "we see reversal of GDP in the second quarter".

Moody's Investors Services recently upgraded India's sovereign rating for the first time in almost 14 years, saying the country was poised for fast growth because of wide-ranging economic and institutional reforms by Prime Minister Narendra Modi's government. But let us celebrate 6.3% as a great achievement of our government.

The services sector too slowed down to 7.1 per cent during the quarter. Reliance Industries, SBI and ICICI bank were among those who recorded loses.

The bounce back in economy was widely expected as there were clear signs of the businesses coming out of the slowdown caused by demonetisation and the roll out of GST, said media reports.

Delivering a lecture on "Roadmap to World Class Infrastructure" on Defence Estates Day, Jaitley said: "India has standardised itself for a 7-8 per cent growth rate". Big companies have also largely adjusted to the changes while benefiting from reduced logistics costs.

"Traditionally, July-September is a quarter where a lot of production takes place to cater to festive demand".

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