TIL Desk/Business/New Delhi/ Implementation of GST and subsequent slowdown in the manufacturing sector is expected to drag down India’s growth to 6.5 per cent in 2017-18, official data showed on Friday, even as industry analysts projected economic growth to be higher due to a favourable base effect.
The Central Statistics Office (CSO) projected that economic growth rate for 2017-18 will be lower than the 7.1 per cent achieved in 2016-17. According to Chief Statistician T.C.A. Anant, the de-stocking disruption caused by the GST implementation has impacted the full-year Gross Domestic Product (GDP) estimates.
The CSO’s estimate of national income for 2017-18 showed the GDP at constant (2011-12) prices for 2017-18 is likely to attain a level of Rs 129.85 lakh crore. “The growth in GDP during 2017-18 is estimated at 6.5 per cent as compared to the growth rate of 7.1 per cent in 2016-17,” the Ministry of Statistics & Programme Implementation said in its estimate of National Income for 2017-18.
Earlier, the country’s GDP growth for the second quarter of the current fiscal ended September 30 was 6.3 per cent — up from 5.7 per cent reported during the first quarter of 2017-18.
