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Note ban pulls down Q3 GDP growth in India to 7%

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New Delhi, 28 Feb 2017 : Reflecting a marginal impact of the November 8 demonetisation measure, India’s GDP for the third quarter ended December, estimated at Rs 30.28 lakh crore, recorded a growth of 7 per cent, compared with 7.3 per cent in the second quarter, official data showed on Tuesday.

The country had registered a Gross Domestic Product of Rs 28.31 lakh crore in the corresponding quarter of 2015-16. The second quarter was slower than the 7.6 per cent increase posted in the corresponding quarter of the last fiscal (2015-16).

The estimates of GDP growth for the full fiscal 2016-17 at 7.1 per cent, marked a sharper fall from the 7.9 per cent recorded for the fiscal 2015-16.

In terms of gross value added (GVA) — considered a better measure of economic performance, as it excludes product taxes and subsidies — of Rs 28.02 lakh crore for the quarter, the growth at 6.6 per cent was slower compared with 7 per cent in the previous year, mainly due to a contraction in the financial and real estate sectors.

Within the GVA, the manufacturing activity showed a sharp fall in the December quarter at 8.3 per cent, against 12.8 per cent in the same quarter of the previous year.

While construction growth fell to 2.7 per cent, from 3.5 per cent the year before, financial, real estate and professional services GVA during the quarter in consideration saw a massive fall to 3.1 per cent, from 10.4 per cent growth seen in the third quarter of 2015-16.

However, government services, including defence, logged a robust growth of 11.9 per cent, against 7.5 per cent in the previous year.

The primary sector, including agriculture and fisheries, bounced back impressively during the quarter in question with growth of 6 per cent, against a decline of 2.2 per cent in the same quarter of the previous year.

Mining and quarrying output also recorded a major fall at 7.5 per cent, as compared to the 13.3 per cent growth a year ago.

Chief Statistician T.C.A. Anant told reporters after releasing the data that the impact of demonetisation is difficult to assess in the absence of sufficient data.

“Policies such as demonetisation are difficult to assess without a lot of data, a lot of which is still to come in. As of now we have factored in the third quarter figures on industrial production and only the advance filings corporates,” Anant said.

“The immediate data bears out the conclusion that it (demonetisation) has not had such an impact,” he added.

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PDP chief Mehbooba Mufti released from detention after 14 months

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Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

A government order issued on Tuesday night said her detention was being revoked with immediate effect.

The Jammu and Kashmir administration in July had extended her detention by three months under the stringent Public Safety Act (PSA).

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Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15

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Swimming pools for training of sportspersons to open with SOP from Oct 15

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SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance

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Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had a 22-year-old alliance with the BJP.

The decision was taken after a meeting of the Akali Dal’s Kaur Committee which lasted for more than four hours today. Mr. Sukhbir Singh Badal addressed the press after the meeting and announced that he would no longer be a part of BJP-NDA.

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