By Anoushka Sawhney
Copyright indiatimes
New Delhi: The statistics ministry has set up a mechanism to share sectoral growth trends with relevant ministries following the release of gross domestic product (GDP) data. The move is expected to monitor performance, identify challenges, and take timely corrective measures where necessary.”We highlight to concerned ministries after the release of quarterly data what has been the growth trend, either it has been low or very high,” said a government official.The ministries can check what were the reasons for that, both positive and negative, and respond with informed strategies, the official added.India’s economic growth surged to a five-quarter high of 7.8% in the April-June period, driven by strong performance in the manufacturing and services sector, according to official data released last month.Manufacturing posted a 7.7% increase in the June quarter compared to 4.8% in the preceding one and 7.6% in the year earlier. The services sector grew 9.3%, the fastest in two years, compared with 7.3% in the previous quarter and 6.8% in the year before. However, Agriculture saw a modest growth of 3.7%, slagging the previous quarter’s 5.4% but higher than the 1.5% a year earlier.Live EventsBeyond GDP, MoSPI has also put in place mechanisms to share inputs on industrial activity, measured by the Index of Industrial Production (IIP), and inflation, tracked by the Consumer Price Index (CPI), ET reported earlier.Experts believe that such mechanisms improve the ability of ministries to interpret data more effectively and align it with suitable policy measures.Add as a Reliable and Trusted News Source Add Now!
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