Business News
GDP growth seen at four-year low of 6.5% in 2017-18, dragged by agriculture, manufacturing
New Delhi: The economic growth is expected to slow to a four-year low of 6.5 percent in 2017-18, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors.
The Gross Domestic Product (GDP) was 7.1 percent in 2016-17 and 8 percent in the preceding year. It was 7.5 percent in 2014-15.
“The growth in GDP during 2017-18 is estimated at 6.5 percent as compared to the growth rate of 7.1 percent in 2016-17,” said the Central Statistics Office (CSO) while announcing the first advance estimates of National Income 2017-18.The Narendra Modi-led NDA government had assumed office in May 2014.
The growth of real Gross Value Added (GVA) in 2017-18 is anticipated at 6.1 percent as against 6.6 percent in the previous year.
Economic activities were affected by demonetisation announced on 8 November, 2016 and subsequent implementation of a new indirect tax regime (GST) from 1 July in the current financial year.
The growth in manufacturing sector too is expected to decelerate to 4.6 percent this fiscal, down from 7.9 percent in 2016-17.
