Indian economy's growth slows down in Q1 2017-18 at 5.7%

Indian economy's growth slows down in Q1 2017-18 at 5.7%

Indian economy's growth slows down in Q1 2017-18 at 5.7%

India's GDP slowed to 5.7% in the April-June quarter from 7.9% in the corresponding period a year ago.

The economy grew by 5.7% in the period compared with a year earlier, down from a rate of 6.1% in the previous quarter.

Terming the Q1 GDP growth of 5.7 per cent as disappointing, a slew of foreign brokerages on Friday cut their full-year forecast to well under the 7 per cent being targeted by Government.

On Thursday, The Central Statistics Office (CSO) released the Gross Domestic Product (GDP) figures which trigger an alarming situation for the government of India.

The Indian economy has slowed down further compared with the preceding quarter when it had posted a 6.1 per cent growth rate.

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Second quarter GDP growth came in at 5.7%, the weakest since 2014, as demonetisation and the new nationwide GST tax weighs on the economy. "So I think, because of the GST factor, manufacturing activities have slowed down", he said. Electricity production grew 5.4 percent last month from a year ago, faster than a 2.2 percent rise in June.

A separate set of official data showed that growth of eight core sectors slowed to 2.4 per cent in July due to contraction in output of crude oil, refinery products, fertiliser and cement. "Its performance has been poor, though the sales growth is good", he said.

The government, however, denied any impact of demonetisation, but admitted that the roll-out of GST could have had an impact.

As far as consumption expenditure is concerned the boost came from the government's side during the quarter.

"Slowdown of the economy was witnessed after the second quarter past year itself".

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In 2012-13 India had slipped into a low sub-5 percent growth due to a series of corruption scandals at home and uncertain external economic environment.

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

"A major sector that has seen a sharp decline is industry".

The slowdown in the economy has delivered a blow to Prime Minister Narendra Modi who is facing criticism for disrupting business activity through his shock cash squeeze past year under the rationale of eliminating black money from the economy, said a Reuters report on Thursday.

Using the new bankruptcy law, the central bank has prodded banks to initiate insolvency proceedings against 12 large corporate defaulter to resolve Rs 2 lakh crore or nearly a fourth of the country's bad debt. We don't expect any rate cuts from here on.

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He said there was a requirement to improve policy and investment to improve upon these figures.

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