Published: Mon, January 08, 2018
Markets | By Noel Gibbs

GDP growth at 6.5 pc for FY 2017-18

GDP growth at 6.5 pc for FY 2017-18

"For the next two quarters, we have projected a growth 7 per the increase of Q2 will be maintained", he told reporters here.

In a huge setback to the claims of the government on the economic front, theimpact of GST is finally showing on the growth which is now officially expected to be at 6.5 percent, the slowest in the last four years.

The first advance estimates of GDP have made finance minister Arun Jaitley's budget math slightly more hard.

"GDP growth of 6.5% for 2017-18 implies growth of 7% for the second half".

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The data also showed substantial rural distress as the agricultural output inflation rate as measured by GDP deflators, is expected to fall to 0.7 per cent against 4.1 per cent over this period.

ET had reported that the government will manage to adhere to fiscal consolidation this year by achieving a deficit that is less than 3.5% achieved in FY17 but perhaps in excess of the 3.2% that's budgeted.

According to the first advance estimates released by the Central Statistical Office, agriculture, the mainstay of the country's economy, is expected to grow at 2.1% this year. The growth rate in per capita income (real terms) is estimated at 5.3 per cent during 2017-18, as against 5.7 per cent in the previous year, it added. The economy grew at 7.1% in 2016-17. The CSO estimate is lower than the 6.7 pc growth forecast of the Reserve Bank of India.

Public expenditure, which was the driver of economic growth in the previous year, is likely to slow to 9.4% against 11.3% a year ago.

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The GST collection council had cut rates for over 200 items in October and November, which might impact collections. Gross Fixed Capital Formation (GFCF), a proxy for private investment in the country is set to be 29% of the GDP in 2017-18 as against 29.5% in 2016-17.

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.

"Given the momentum seen in the core sector growth, PMI indices and developed world economies, the optimism may not be belied".

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