3% growth in economy far below what Modi govt promised: Chidambaram

Workers polishing diamonds at a factory

"The last five quarters had witnessed a downward trend".

Former finance minister P Chidambaram, however, said 6.3% growth was "far below the promise of Modi government and potential of the well managed Indian economy".

India Inc expressed happiness over an increase in GDP to 6.3% from 5.7% in the last quarter and said as the GST settles down, the growth rate would be even higher.

Finance Minister Arun Jaitley has said, the GDP rate at 6.3 percent marks the reversal of declining trend in the last five quarters.

Gross domestic product grew 6.3 percent in July-September, its fastest pace in three quarters, the data showed.

"In a normal year, businesses are conversant with the tax processes, and so know their tax liability, so the collections are usually in line with what is anticipated", TCA Anant, Chief Statistician of India and Secretary to the Ministry of Statistics and Programme Implementation, said on Thursday. The growth in agriculture, forestry and fishing was 1.7 per cent, mining and quarrying 5.5 per cent, construction 2.6 per cent, and financial, insurance, real estate and professional services 5.7 per cent.

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He said the government reforms to push economic growth are working can be seen from the robust growth of seven percent in manufacturing and 7.1 percent in services in the second quarter of this fiscal.

"India has standardised itself ordinarily for a growth rate between 7 to 8 per cent". The growth in construction sector was projected at 2.6% compared to 4.3% in the same quarter past year. "But we can not say now whether this will mark an upward trend in the growth rate", Chidambaram added.

Striking a note of caution, the Congress also said the rebound in economic growth is nothing but what it called the Modi governments "desperate spin to hide its luminous underperformance".

Gross value added (GVA), a key input of GDP that is tracked by the RBI, rose 6.1 per cent in July-September compared to 5.6 per cent in the June quarter this year and 6.8 per cent in the September quarter of the last fiscal.

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

He said, this growth happened on the back of good growth in manufacturing sector, electricity, gas, water supply and other utilities. Great news that quarterly GDP growth accelerates to 6.3 per cent against 5.7 per cent from the previous quarter.

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