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GST impact in Q1 will pull down GDP for whole year: CSO

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Chief Statistician T.C.A. Anant

While the Indian economy is expected to perform better in the second half of this fiscal, the twin impact of demonetisation and GST implementation is estimated to pull down GDP growth to 6.5 per cent in 2017-18, from 7.1 per cent in the previous year, Chief Statistician T.C.A. Anant said on Friday.

Releasing the Central Statistics Office’s (CSO’s) first advance estimate for Indian Gross Domestic Product (GDP) growth rate in 2017-18, Anant said their projections for the entire fiscal showed that the nominal GDP calculated at market prices is expected to grow at 9.5 per cent, which is lower than 11.75 per cent estimated in the Union Budget presented last February.

The nominal GDP will be used as the benchmark for most indices in the forthcoming Union Budget to be presented on February 1.

“Implicit calculation suggests growth in the second half of 2017-18 will be better than the first. For the next two quarters, we have projected a growth 7 per cent… so the increase of Q2 will be maintained,” he told reporters here.

“Number of figures had come in low for the first quarter for the GDP coming in lower at 5.7 per cent because of industry reaction in anticipation of GST (Goods and Services Tax) coming in,” the CSO said.

Businesses going into a “de-stocking” mode on inventories in anticipation of the GST rollout from July and sluggish manufacturing growth pulled down the Indian economy’s growth during the first quarter of this fiscal to 5.7 per cent, clocking the lowest under the Narendra Modi dispensation.

Breaking a five-quarter slump, a rise in manufacturing sector output, however, pushed the growth rate higher to 6.3 per cent during the second quarter (July-September) of 2017-18.

CSO data showed that in the first half (April-September) of the financial year, the economy grew at 6 per cent, indicating that it will accelerate in the second half (October-March).

Anant said that with more corporate data now being available since the second quarter, including the GST collections for November, although GDP is estimated to grow further, the dampening effect of the first quarter’s fall would pull down the growth rate for the full year.

He also indicated that the government could find it difficult to achieve its fiscal deficit target of 3.2 per cent of GDP.

“Assuming that budgetary targets will be met, which gave a fiscal deficit of 3.24 per cent, our figures estimate it to be at 3.29 per cent, which rounding off becomes 3.3 per cent,” he said.

At the time of releasing the second quarter GDP data in November, Anant had said: “GST has brought in a number of uncertainties because of tax for the period not being paid on time. The government has extended the deadlines for filing GST returns, so the tax data for the relevant period is still coming in.”

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Equity indices fall, Sensex down 100 points

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SENSEX NIFTY MARKET
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The key Indian equity indices traded on a negative note on Friday with the BSE Sensex falling over 100 points.

Around 10.10 p.m., Sensex was trading at 49,518.63, lower by 106.13 points or 0.21 per cent from its previous close of 49,624.76.

It opened at 49,594.95 and has so far touched an intra-day high of 49,663.74 and a low of 49,361.22 points.

The Nifty50 on the National Stock Exchange was trading at 14,574.60, lower by 15.75 points or 0.11 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The Nifty has become slightly nervous after facing resistance at 14,750. While the trend still remains positive, we need to approach the index strategically.”

“On the upside we can go up to 14,800-14,900. On the downside, we have a good support at 14,300. Hence traders can initiate long positions with a target of 14,800 and a stop below 14,300,” he said.

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Sensex over 50K mark as Biden, Budget fuel fast recovery hopes

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Sensex equity Nifty
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Positive global cues and expectations of healthy quarterly results, along with that of a supportive Union Budget FY22, powered the ascent of India’s barometer index — the S&P BSE Sensex — to cross the 50,000 mark on Thursday.

However, the barometer index dipped below the psychologically important mark due to profit booking at the end of the day’s trade.

The Sensex closed at 49,624.76, lower by 167.36 points, or 0.34 per cent, from its previous close of 49,792.12.

It opened at 50,162.05 and touched a fresh all-time high of 50,184.01 points.

The Nifty50 on the National Stock Exchange (NSE) also touched a new record high of 14,753.55 points. It ended the day’s trade at 14,590.35, lower by 54.35 points, or 0.37 per cent, from its previous close.

Earlier in the day, Sensex crossed the 50,000-mark.

Coming a day after Joe Biden’s inauguration as US President, the BSE Sensex mirrored its Asian counterparts in having a gap-up opening.

In fact, the positivity sentiment led it to open above the 50,000-mark. The gains of the last 5,000 points in Sensex has come in just 32 trading sessions.

Moreover, expectations of an even faster economic recovery on the back of the vaccination programme have been cited as other factors for the up-move.

Besides, easy liquidity conditions across the global have been funnelling into India’s market, as FIIs shore up their stakes and pump-up this rally.

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Mi India’s Republic Day Sale: List of TVs, Smart Bands, and Smartphones available at Huge discounts

Flipkart VIP, Amazon Prime, and Mi VIP Club members will be able to take advantage of this sale from January 19, a day before.

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Amazon Flipkart

Mi India has announced the Republic Day offer. The sale offers huge discount offers on a variety of products including smartphones, smart TVs, and Smart Bands.

Mi India’s Republic Days offer sale will start from 12 noon on January 20, 2021, which will continue till 11.59 PM on the night of January 24, 2021.

This offer can be enjoyed on the e-commerce sites Amazon, Flipkart, and Mi.com. Flipkart VIP, Amazon Prime, and Mi VIP Club members will be able to take advantage of this sale from January 19, a day before.

Mi Smart Band 4

Selling Price – 2,299

Sale price – 1,899

Mi TV Stick

Selling Price – 2,799

Sale price -2,299

Mi Box 4K

Selling Price – 3,499

Sale price – 3,299

Mi LED TV 4A PRO 108 cm (43)

Selling Price – 24,999

Sale Price – 23,999

Mi LED TV 4X 50

Selling Price – 34,999

Sale Price – 33,999

Mi Watch Revolve Midnight Black & Silver

Selling Price – 10,999

Sale price – 8,999

Earphones (TWS) – Mi True Wireless Earphones 2C

Selling Price – 2,499

Sale Price – 1,999

Earphones (TWS) – Mi True Wireless Earphones 2

Selling Price – 3,999

Sale price – 2,499

Mi Beard Trimmer 1C

Selling Price – 999

Sale Price – 799

Mi Smart Water Purifier (RO+UV)

Selling Price – 12,999

Sale price – 9,999

Redmi Earbuds S

Selling Price – 1,799

Sale price – 1,499

Redmi Smart Band

Selling Price – 1,599

Sale price – 1,299

Redmi 9i (4+ 64GB)

Selling Price – 8,299

Sale price – 7,999

Redmi 9 Prime (4+64GB)

Selling Price – 9,999

Sale price – 9,499

Redmi Note 9 (6+128GB)

Selling Price – 14,999

Sale price – 13,999

Redmi Note 9 Pro (4+128GB)

Selling Price – 15,999

Sale price – 13,999

Redmi Note 9 Pro Max (6+64GB)

Selling Price – 16,999

Sale Price – 14,999

Mi LED TV 4A PRO 80 cm (32)

Selling Price – 14,999

Sale Price – 14,499

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