India's GDP Growth was 6% in Q3

[Galaxy]

6.1% growth rate disappointing, not unexpected: Pranab Mukherjee

Feb 29, 2012

NEW DELHI: Finance minister Pranab Mukherjee today termed the third quarter GDP number of 6.1 per cent as "disappointing" but expressed the hope that economy will register a growth of 7 per cent for the entire fiscal.

"No doubt, it is disappointing 6.1 per cent ... but not unexpected," he said.

"If, I take first quarter, second quarter, third quarter taken together, it is also indicating a downward trend," he said.

"But as you know that the CSO has given the full advance estimates that is around 6.9 per cent, we also expect it around 6.9 or 7 per cent," he said.

Impacted by high interest rates and global demand slowdown, Indian economy grew at 6.1 per cent, the slowest in over two years, prompting corporates and experts to press for faster reforms to boost industrial output.

The economic growth rate in October-December 2011 declined mainly due to poor performance of manufacturing, mining and farm sectors. The economy had expanded by 8.3 per cent during the corresponding quarter a year ago.

The falling growth rate may prompt the Reserve Bank to cut rates at its mid-quarterly policy review on March 15. The finance minister too is expected to announce steps to arrest contraction in growth in the budget for 2012-13, to be presented in the Lok Sabha on March 16.

According to the data released by Central Statistical Organisation (CSO), growth of the manufacturing sector during the quarter decelerated sharply to 0.4 per cent from 7.8 per cent during the same period a year ago. Farm sector output registered a growth 2.7 per cent, down from 11 per cent in Q3 of the last fiscal.

6.1% growth rate disappointing, not unexpected: Pranab Mukherjee - The Times of India

 

[Yusuf]

And they are thinking about raising excise duty by 2%

I hope they don't do anything foolish. I mean a fast growing economy was the only thing good about the UPA government. If that also hits dead end, it is surely curtains to it.

 

[JayATL]

keep doing foolish things like blocking opening up retail sector- by the opposition.

 

[sukhish]

opposition wants power, that all weather GDP grows @ 6.1 or 2.1, they don't give a rant about it.

 

[Tshering22]

If the government keeps doing such stupid activities, then even 6.1% looks like a miracle.

States should not be allowed to dictate terms on two things:

- Infrastructure
- internal/external defense.

Such a provision in our constitution must be scrapped.

 

[Bangalorean]

Lot of people are responsible for this. No one is blameless.

The UPA with its policy of fiscal indiscipline, dole, handouts, all contributing to Rahulflation - all so that that Buddhu Yuvraj can sit at the throne in 2014.
The BJP with its cabal of hysterical madwomen like Uma Bharti opposing everything that the UPA does just for the heck of it, and to show the public that they are doing something great whereas in reality, they are just causing problems.
Useless people like Mamata Bannerjee who are forever putting spokes in everything possible.

And so on...

 

[cir]

5.6% growth for Q4 at best.

For the whole of 2011-2012(funny how India staunchly follows the British tradition or customary practice so many years after independence), India will be lucky to achieve 6.5% real growth, which is way below the target or prediction touted by those in the "know".

 

[Mad Indian]

Lot of people are responsible for this. No one is blameless.

The UPA with its policy of fiscal indiscipline, dole, handouts, all contributing to Rahulflation - all so that that Buddhu Yuvraj can sit at the throne in 2014.
The BJP with its cabal of hysterical madwomen like Uma Bharti opposing everything that the UPA does just for the heck of it, and to show the public that they are doing something great whereas in reality, they are just causing problems.
Useless people like Mamata Bannerjee who are forever putting spokes in everything possible.

And so on...

Dude dont bring BJP here they are the opposition, if the UPA had support of its allies, there would not have been a logjam in the parliament.....

 

[Mad Indian]

And they are thinking about raising excise duty by 2%

I hope they don't do anything foolish. I mean a fast growing economy was the only thing good about the UPA government. If that also hits dead end, it is surely curtains to it.

But sir, the high growth rate was not because of the CONs, but because of the policies implemented by the NDA before..... Obviously, the policies of NDA which kept the growth alive has run out of steam....... CONs are an useless bunch of Corrupt pigs who will even sell this country if given enough money...


If those pigs had not squandered off all our precious money on stupid populist schemes for hiding their humungous corruption and invested on infrastructure development, we would have not experienced this slowdown....


Wait for 2014, they would have bankrupted the nation so much so that next ruling party has to literally eat grass for funding its programs(Banana republic)

After that even if financially sound NDA comes back to power, they can do nothing....

 

[Bangalorean]

Dude dont bring BJP here they are the opposition, if the UPA had support of its allies, there would not have been a logjam in the parliament.....

People like you need to stop your BJP worship. So what if they are in opposition?

If BJP is truly as nationalistic as you say, why can they not support the government on economically and strategically important issues? Why can't they put the country first?

I will never forget the way they screwed up the nuke deal. And this time, the retail FDI. In both cases, though BJP themselves wanted to implement it in their time, now they are making noise just because they are in opposition.

Don't peddle this BJP holier-than-thou stuff here. They are political opportunists, just like any other political party.

So what if they are in opposition?

I agree that the rulers need to take responsibility, and the current budget deficit and other issues are primarily at the doorstep of the UPA. But the BJP needs to behave more responsibly, and not like some megalomaniac leaders like Mayawati or Mamata. They are not making things any easier by simply obstructing bills for the sake of opposing.

 

[Mad Indian]

People like you need to stop your BJP worship. So what if they are in opposition?

If BJP is truly as nationalistic as you say, why can they not support the government on economically and strategically important issues? Why can't they put the country first?

I will never forget the way they screwed up the nuke deal. And this time, the retail FDI. In both cases, though BJP themselves wanted to implement it in their time, now they are making noise just because they are in opposition.

Don't peddle this BJP holier-than-thou stuff here. They are political opportunists, just like any other political party.

So what if they are in opposition?

I agree that the rulers need to take responsibility, and the current budget deficit and other issues are primarily at the doorstep of the UPA. But the BJP needs to behave more responsibly, and not like some megalomaniac leaders like Mayawati or Mamata. They are not making things any easier by simply obstructing bills for the sake of opposing.

And people like you should stop lashing out at BJP at every chance......

I am being a realist here... we are not in USA(even that is not altruistic)... And it is the job of the ruling party to pass a legislation... thats why it is called a ruling party.... The opposition should not be blamed for the for the political ligjam(as i said if the UPA's allies had supported it there would not be any logjam).......


Opposing BJP is very cool these days... So lets blame them for the slowing growth rate, the stupid populist schemes , and also for the Silence of the MMS, terror strikes in 26/11 and the rise of crime too...

 

[Mad Indian]

If BJP is truly as nationalistic as you say, why can they not support the government on economically and strategically important issues? Why can't they put the country first?
.

Don't peddle this BJP holier-than-thou stuff here. They are political opportunists, just like any other political party.

Exactly, they are just like any other party ... but if there is any mis governance in BJP rule, only BJP gets the blame, but if there is any misgovernance in CONs rule, BJP shares the blame

And i never said BJP is holier than thou or altruistic, just that they are lesser of the two evils.... And lesser of the true evils is better always

 

[sukhish]

Q4 will better than 6.1. industry manufacturing has picked up in Jan and continued in Feb. I think it will be around 6.5

 

[sukhish]

BJP wants the growth to come down so that they can blame the UPA for everything. they are doing what every oposition does. just say NO, plain and simple.
I think they should tie with left parties, because there economic agenda currently is same as that of left.

 

[Tianshan]

modi's province is growing at more than double digit, but india as a whole is now around 6%?

that is quite a difference, do you think so?

 

[Mad Indian]

modi's province is growing at more than double digit, but india as a whole is now around 6%?

that is quite a difference, do you think so?

thats because many intellectuals here are warped in their own twisted sense of liberalism and secularity.. If we point it out, they call us fan boys

 

[tony4562]

India growth story is nothing more than a smoke-and-mirror practice. For years Indians have been accusing China of cooking economical stats, but the truth is there is nothing faker than indian stats. In China where ever you go, even in remote areas, you see real progress being made. You see new houses, new high-ways, new apartment stores being built, you see power-grids extendng to far-away villages, you see people generally well-dressed, you see bicycles giving way to mopeds and mopeds giving way to cars. In India, however despite of 2 decades of near 'double-digit growth', poverty still reigns sovereign, everywhere you go, same ole run-down cities, same ole dirty streets, same ole people who have barely enough textiles to cover themselves. Slums on the other hand are experiencing unprecedented growth, probably partially thanks to the now-famous hollywood movie.
Asked about the vast difference between India and China, a common explaination you hear is that India started reform about 10-15 years later, but was india before 1992 a stalinist state where even sale of vegetables on road side is outlawed? Obviously not, India was more capitalistic then than China is now, there were billionæres, they were super-riches served by hundreds of servants, just like there are those people now. What obviously happened in the early 90's was that at that time the ruling elits in India started to learn about the fast-growing chinese economy, and decided that they needed something better than the 2-3% growth rate India was accustomed to, in order to stay in power. So all of sudden India started to grow at 8-9 percent. But behind the newly fabricated India shining story is the same old broken infrastructure, same ole corrupted government apparatus, still no industry to speak of. Now 20 years late, people finally started to ask themselves why after 2 decades of growth they have so little to show for. The lie is about to be busted, so the indian elites started to adopt the strategy of lowered expectations.

BTW, ever wonder why Indian economy is roughy a third of China's and claims to have a much higher consumption, but when you look at a detailed break-down of the consumption figures like cars, house appliances, and even foods, the indian numbers simply don't match up. You find the answer above.

 

[sob]

keep doing foolish things like blocking opening up retail sector- by the opposition.

Grow up as if allowing FDI in retail would have boosted the GDP. Please think before you comment on issues which you hardly comprehend.

BJP wants the growth to come down so that they can blame the UPA for everything. they are doing what every oposition does. just say NO, plain and simple.
I think they should tie with left parties, because there economic agenda currently is same as that of left.

Another gentleman with no idea about economics and politics. First Rule: It is the Govt. which makes the policy decisions and it is the work of the opposition to raise objections on policies which they feel are flawed.

Rule 2.: It is the job of the Govt. to convince the Parliament and get the bills passed.

The most important reason for the current dismal GDP figures is the policy paralysis in the Govt. and the Rahulflation.

To quote Firstpost : From ONGC auction to PSU buybacks, our FM is faking it | Firstpost

The runaway spending of an incontinent government, and the soaring fuel subsidy bill, have blown a big hole in his budget, which he cannot hope to fill any other way.

The fiscal deficit has already overshot its estimates for the year, and the government has fallen way short of realising its disinvestment target. And with the deficit widening alarmingly, and with rating agencies watching closely for further signs of profligacy, the Finance Minister is, as he has himself admitted, losing sleep over the prospect of balancing the budget.

So where does the principal opposition party figure in this mess which is clearly the handiwork of the incumbent Govt.

 

[Bangalorean]

India growth story is nothing more than a smoke-and-mirror practice. For years Indians have been accusing China of cooking economical stats, but the truth is there is nothing faker than indian stats. In China where ever you go, even in remote areas, you see real progress being made. You see new houses, new high-ways, new apartment stores being built, you see power-grids extendng to far-away villages, you see people generally well-dressed, you see bicycles giving way to mopeds and mopeds giving way to cars. In India, however despite of 2 decades of near 'double-digit growth', poverty still reigns sovereign, everywhere you go, same ole run-down cities, same ole dirty streets, same ole people who have barely enough textiles to cover themselves. Slums on the other hand are experiencing unprecedented growth, probably partially thanks to the now-famous hollywood movie.
Asked about the vast difference between India and China, a common explaination you hear is that India started reform about 10-15 years later, but was india before 1992 a stalinist state where even sale of vegetables on road side is outlawed? Obviously not, India was more capitalistic then than China is now, there were billionæres, they were super-riches served by hundreds of servants, just like there are those people now. What obviously happened in the early 90's was that at that time the ruling elits in India started to learn about the fast-growing chinese economy, and decided that they needed something better than the 2-3% growth rate India was accustomed to, in order to stay in power. So all of sudden India started to grow at 8-9 percent. But behind the newly fabricated India shining story is the same old broken infrastructure, same ole corrupted government apparatus, still no industry to speak of. Now 20 years late, people finally started to ask themselves why after 2 decades of growth they have so little to show for. The lie is about to be busted, so the indian elites started to adopt the strategy of lowered expectations.

BTW, ever wonder why Indian economy is roughy a third of China's and claims to have a much higher consumption, but when you look at a detailed break-down of the consumption figures like cars, house appliances, and even foods, the indian numbers simply don't match up. You find the answer above.

You are a fool, and a moron.

The cock-massaging that you are indulging in with respect to China, precisely the same is happening here as well. The "new houses", "cars replacing mopeds and mopeds replacing cycles" - all that is true of India we well.

"Little to show for"? The only "little" thing here is your Chinese-sized tool. You asshat, everyone whom I know in India - everyone - lives a much better life than their parents. Only asshat Chinese morons like you don't see what is visible to the whole world.

The India story is open for all to see, not like your lying scum of a country, where shit is kept hidden from view. The growth and the positives are there for all to see. Only a retarded Chinese drone will accuse a country as open as India, of lying about statistics.

Oh, why am I even bothering to answer a Chinese moron who does not know anything beyond the shit shoved down his throat by CCP goons?

 

[Koovie]

keep doing foolish things like blocking opening up retail sector- by the opposition.

they dont care a shit about the growth rate, they just want to have more power