Q3 GDP at 7.5% indicate visible recovery in the economy: PHD Chamber

Q3 GDP at 7.5% indicate visible recovery in the economy: PHD Chamber

Q3 GDP at 7.5% indicate visible recovery in the economy: PHD Chamber

 

No.PR-194
February 9, 2015
New Delhi
 

Q3 GDP at 7.5% indicate visible recovery in the economy: PHD Chamber
 

The Q3 GDP at 7.5% is inspiring and indicates visible recovery  in the economy; the economy seems poised for a high growth trajectory once again,  said Mr. Alok B. Shriram, President, PHD Chamber in a press statement issued here today.
 

With a growth rate of 6.9% in FY 2013-14, the April-December FY 2014-15 GDP  growth at 7.4% suggests that slowdown is behind us and recovery is gaining  strong momentum.  
 

The various measures undertaken by the government such as the launch of Make in India, Jan Dhan Yojana, ordinance to make major changes in the existing Land Acquisition, Rehabilitation and Resettlement Act 2013 and approval to amendments in labour laws have improved the business and financial sentiments in the economy, he said.
 

However, implementation of the reforms measures at the grassroots level would be critical to ensure the strength of recovery, going forward, he added.
 

The sectors which registered a high growth rate are public administration, defence and other services with a significant growth of 20%, followed by Financial, real estate and professional services (15.9%) and electricity, gas water supply and other utility services (10.1%). These sectors have boosted the growth of GDP in Q3 of FY2015.
 

However, agriculture, forestry and fishing registered a growth of (-)0.4% in Q3 of 2014-15 which needs to be facilitated, going forward. The dependency of agriculture sector on monsoon behavior needs to be minimized with state of the art irrigation facilities. We must ensure at least 4% agriculture growth to meet up the domestic food demand, said Mr. Shriram.
 

The recent initiatives of the government coupled with improvement in macro-economic environment are expected to boost the domestic and foreign investments and to generate lot of employment opportunities in the coming times, he said.
 

ENDS

Koteshwar Prasad Dobhal
Consultant (PR)