Business

Economic growth to dip to a 4-year low of 6.5 %

Economic growth to dip to a 4-year low of 6.5 %

At constant (2011-12) prices, the GFCF is estimated at Rs 37.65 lakh crore in 2017-18 as against Rs 36.02 lakh crore in 2016-17.CII Director General Chandrajit Banerjee said it is heartening that gross fixed capital formation is on a recovery path, as a turnaround in investments is imperative for a sustained recovery to take hold.

"Anticipated growth of real GVA at basic prices in 2017-18 is 6.1 percent as against 6.6 percent in 2016-17".

Growth in gross value added (GVA) is predicted to fall to under 6.1 per cent in Fiscal Year 2018, which is much lower than RBI's forecast of 6.7 per cent.

After the official data were released by the Central Statistics Office (CSO) at a press conference, Chief Statistician T C A Anant said, "Implicit calculation suggests H2FY18 growth will be 7%".

GDP growth was 7.1 per cent last fiscal. The income approach, which is sometimes referred to as GDP (I), is calculated by adding up total compensation to employees, gross profits for incorporated and non incorporated firms, and taxes less any subsidies.

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"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", the Ministry of Statistics & Programme Implementation said in its estimate of National Income for 2017-18. The reasons for decline in the growth rate could be attributed to demonetisation and the Goods and Services Tax (GST).

The construction sector will grow at 3.6% in 2017-18 as against 1.7% in 2016-17.

Similarly, manufacturing, the fulcrum of "Make in India" initiative too is expected to decelerate substantially from the previous year. If the economy grows at 6.8 per cent in Q3 and 7.2 per cent in Q4 supported by base effects, we are likely to achieve the CSO advance estimates.

The data disclosed that sectors like "public administration, defence and other services", "Trade, hotels, transport, communication and services related to broadcasting", "electricity, gas, water supply and other utility services" and "financial, real estate and professional services" registered a growth rate of over 7 percent.

Ahead of the GDP advance estimate numbers, India benchmark equity indices closed at record closing highs, posting their fifth consecutive weekly gain, as financials and metal stocks rose tracking global markets on strong economic data.


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