AI’S DEBT MAY BE PUT IN SPV

To reduce interest burden, the govt has decided to transfer ₹29,000 crore of the ₹55,000 crore owed by Air India to a special purpose vehicle.

India’s economy grew at 7.1 per cent in July-September, lowest in three quarters, but still remained ahead of China to retain the tag of the world’s fastest growing major economy.

The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3% in July-September quarter of the last fiscal, according to government data released on Friday.

The size of the GDP in the second quarter of 2018-19 is estimated at ₹33.98 lakh crore, as against ₹31.72 lakh crore a year ago, showing a growth rate of 7.1%, the Central Statistics Office (CSO) statement said.

Indian economy grew at 8.2% in April-June quarter of this fiscal. The GDP growth was 7.7% cent in January-March quarter while it was at 7% in October-December. The Chinese economy had expanded at the rate of 6.5% in the July-September period this year.

GVA (gross value added) at Constant (2011-2012) Prices for second quarter this fiscal is estimated at ₹31.40 lakh crore, as against ₹29.38 lakh crore year ago, showing a growth rate of 6.9% over the corresponding quarter of previous year.

Reacting to the data, economic affairs secretary Subhash Chandra Garg tweeted: “GDP growth for second quarter 2018-19 at 7.1% seems disappointing. Manufacturing growth at 7.4% and agriculture growth at 3.8% is steady. Construction at 6.8% and mining at -2.4% reflect monsoon months deceleration.”

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