India's economic growth slumps as big reforms bite

02 September, 2017, 00:25 | Author: Essie Rivera
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Due to the effects of slowdown and remover in the manufacturing sector, the rate of GDP has dropped to 5.7% in the first quarter (April to June) of 2017-18. India's GDP slowed to 5.7% in the April-June quarter from 7.9% in the corresponding period a year ago.

This compares with revised growth of 7.9 per cent in the first quarter of 2016-17.

India Inc on Thursday expressed disappointment over slowing down of India's GDP growth to 5.7 per cent in the June-ended first quarter of the current fiscal, as the industry was anticipating a rebound from low growth numbers. The broader consistence expectation was around 6.6 percent and if you see last quarter of the previous year, we closed at 6.1 percent.

Economic growth in the second quarter (July-September) of 2017-18 is expected to soar to 7- 7.5 per cent on the back of good monsoon and clarity over GST, Niti Aayog's new Vice-Chairman Rajiv Kumar said today. ". with GST now being operationalised, this would be bottoming out as far manufacturing is concerned and probably the curve could turn up", the minister told reporters. Electricity production grew 5.4 percent last month from a year ago, faster than a 2.2 percent rise in June. "Its performance has been poor, though the sales growth is good", he said. "Initially it was [the cash ban], now the GST impact has just hit and it's likely to persist for couple of quarters at least". "I would expect GDP for the full year will be somewhere closer to 6 percent".

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"Even though the crop production side has seen an increase compared to previous year, overall agriculture comes in marginally lower because of the other elements of agriculture, which is principally animal husbandry that is slightly lower", the Secretary in the Statistics and Programme Implementation Ministry said.

The Finance Minister also said that manufacturing has 'bottomed out, ' services have improved and gross fixed capital formulation has turned positive.

█ 13.33 lakh accounts under IT scanner The Income Tax Department (ITD) said it had sought explanations from 9.72 lakh persons holding 13.33 lakh accounts for unusual cash deposits amounting to Rs 2.89 lakh crore. Industry body PHD Chamber of Commerce and Industry called the growth data "disappointing" and said there was "a need to focus on reforms to improve the ease of doing business scenario particularly for [micro, small and medium enterprises] in order to encourage the setting up of more industries".

Critics, however, said the residual impact of demonetization was continuing to impact growth. And for Prime Minister Narendra Modi, who came to power promising millions of jobs, this has remained a sore point. "We are hopeful of a better fourth quarter, but that is crucially dependent on the outcome of resolution of stressed assets that falls due in the fourth quarter", said SBI.

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