Chandrajit Banerjee, director general, CII, said, "The rebound in GDP growth to 6.3%, after the uninspiring performance of the previous quarter is noteworthy and a great confidence booster".
GST has consolidated central and local taxes including value added tax, excise and service tax into a single levy.
However, it can not be said now whether this will mark an upward trend in the growth rate. "We should wait for the growth rates over the next 3-4 quarters before we can reach a definite conclusion", Chidambaram said in his reaction to the latest GDP figures released by the Central Statistics Organisation (CSO).
Finance Minister Arun Jaitley on Thursday said India has standardised itself for a 7-8 per cent growth rate on the back of improving macroeconomic fundamentals. "Also, the government should look at further consolidating its reform agenda in the Union Budget to be announced two months from now to give further boost to investment".
Releasing GDP data in New Delhi today, Chief Statistician of India T C A Anant said the GDP growth has seen a reversal trend from declining trend in the last five quarters.
Jaitley further said, "Government's reforms to push economic growth are working, (and it) can be seen from that: manufacturing has shown robust growth of 7 per cent in Q2 and services at 7.1 per cent. Gross fixed capital formation has also picked up from last year's lacklustre pace", he said.
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"Traditionally, July-September is a quarter where a lot of production takes place to cater to festive demand".
"Indias rise in the World Banks ease of doing business rankings, upgrade by Moodys, praise by Standard & Poors and the strong growth in Q2 show that Indias rise is inevitable".
The GDP for the July-September quarter showed a growth rate of 6.3 per cent after the previous quarter recorded a three-year low of 5.7 per cent.
The agriculture, forestry and fishing sector is estimated to have grown by 1.7 per cent.
" The economic activities which registered growth of over 6.0 percent in Q2 of 2017-18 over Q2 of 2016-17 are "manufacturing", "electricity, gas, water supply & other utility services and "trade, hotels, transport & communication and services related to broadcasting".
"We expect the growth to pick up to 7.6 per cent in the second half of this fiscal, helped by low-base effect of the second half of fiscal 2017", the ratings agency said in a statement.