As per the latest government reports, 4.8 per cent GDP was recorded in second quarter (July-September) of 2013.This is well above 4.4 per cent in the first quarter (April-June). Onno Ruhl, Head of World Bank India, said that GDP trend is likely to continue in India.
GDP, Annual Growth Rate in India is reported by the Ministry of Statistics and Programme Implementation (MOSPI).
From 1951 until 2013, India GDP averaged 5.8 per cent annually, reaching an all time high of 10.2 per cent in December of 1988 and a record low of -5.2 per cent in December of 1979.
‘In India, the annual growth rate in GDP at factor cost measures the change in the value of the goods and services produced in India, without counting government’s involvement. GDP value excludes indirect taxes (VAT) paid to the government and includes the original value of products without accounting for government subsidies’
Rulh expressed that World Bank was optimistic towards increase in second quarter GDP. Various sectors are also blooming such as exports which are picking up, agriculture is doing well and the service sector is still going strong.
On CSR CSO Bridge program organized by CCI, Ruhl said that “If we look at the numbers, it clearly shows that we are trending up. That’s really what we are hoping for. There are some signs that can actually make the credible scenario. I think the key for India is to recognize that India itself can do a lot. I think the results we just had, shows that is actually possible.”
Ruhl also expressed his concern on world economic state saying that global economic situation is hard to predict owing to US monetary policy. “Everybody knows it will happen sometime in the future and therefore it would not be the same kind of surprise it was earlier this year,” he added.