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Q3 GDP growth likely 6.9%, best in 2017, says poll
Context:
According to a Reuters poll, India’s economy grew at its fastest pace in a year in the October-December quarter as consumers, businesses and the government stepped up spending.
Details:
- Gross domestic product (GDP) grew 6.9% in the October-December quarter from a year earlier
- In July-September, the economy grew 6.3% annually
- Rupee strengthened 6.5% against the dollar in 2017
- India’s gross value-added (GVA)increased 6.6% from a year earlier in October-December from a year earlier, compared to 6.1% in the prior three months.
What does this imply?
This suggests that disruptions from a shock ban on high-value currency notes in November 2016 and the chaotic launch of a goods and services tax (GST) in July are fading.
Concerns over banking:
- There are concerns about the increase in non-performing assets of state-run banks
- Punjab National Bank, in February has revealed a loan fraud that’s the biggest in India’s banking history. The fraud has cast a shadow over the workings of state-run lenders, already reeling from accumulated bad loans
