India's Gross Domestic Product (GDP) slipped to 5.7% between April to June in 2017, making it the slowest pace recorded in last 13 quarters.
At 5.7 per cent, India's economy slowed to a three-year low in the quarter ending June, delivering a blow to the government that is facing fresh criticism over demonetisation. GDP growth drops to two-year low: Q1FY18 GDP growth came lower at 5.7%, compared with a 7.9% expansion in the same quarter last year.
"GDP at constant (2011-12) prices in Q1 of 2017-18 is estimated at Rs 31.10 lakh crore, as against Rs 29.42 lakh crore in Q1 of 2016-17, showing a growth rate of 5.7 per cent", a CSO release here said.
The GDP was 7.90 per cent in the same quarter a year ago.
Congress spokesperson Randeep Surjewala said GDP growth had declined from 9.2% to 5.7% in the last six quarters under Narendra Modi. However, as Nayar says, it is unlikely that the economy will meet the 7 percent growth target for the current financial year given the sharp fall in the first quarter.
"In April, May and June, manufacturers were de-stocking in anticipation of the GST". Meanwhile, the services sector saw a rebound led by growth in the "trade, hotels and transport" sub segment.
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"Slowdown of the economy was witnessed after the second quarter previous year itself".
But the impact of the banknote ban has faded.
A day after the government reported lower-than-anticipated gross domestic product (GDP) figures, the market seems to have taken it in its stride and was trading in the green. "I would expect GDP for the full year will be somewhere closer to 6 percent".
The gross fixed capital formation or investment has witnessed a marginal growth of 1.6 percent during the quarter from the 2.1 percent contraction in the previous quarter.
Agriculture and industry sector where among the major laggards in the indicator of GVA.
Manufacturing growth has gone down from 3.1 per cent to 1.6 per cent. Jaitley reasoned that the decline is due to the impact of GST. So, we are going forward to a hard time and let's hope things improve from Quarter 2 of this year, " Sunil Shah said. Referring to former prime minister Manmohan Singh's statement that demonetisation would reduce economic growth by about 2 per cent, Kumar said quarterly data can not be used to make such conclusions. In its annual report, RBI said that nearly 99% of the notes that were banned by the government past year found their way back in the system in the form of deposits. "The GST Council may decide on convergence of rates at appropriate time", he said.