02 September, 2017, 00:24 | Author: Kristen Ingram
As per Ministry of Statistics & Programme Implementation, GDP at constant (2011-12) prices in April - June 2017 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%.
India's economic growth shrank to 5.7% in the first quarter of the current financial year compared to 6.1% growth in the previous quarter with the government Thursday attributing it to the introduction of a new composite tax.
India's Gross Domestic Product (GDP) data surprised analysts and economist, as touched to a three-year low in the first quarter of financial year 2017-18. India now lags behind China in global growth rankings by a fair margin. I knew it would go below 6 per cent because the demonetisation was a big negative shock to the economy.
Trade, hotel, transport, and services related to broadcasting were the only sectors that reported a decent growth of 11.1% in the period under review against a growth of 8.9% a year ago. "The lingering impact of demonetization is visible" in some sectors, she added, referring to last year's cash ban.
Chief Statistician T.C.A. Anant said that the primary reason for the decline in growth was a fall in the manufacturing sector. Farm sector growth was a modest 0.3 percent versus last year's 9.9 percent. The new series is likely to show inflated growth during times of falling inflation. The effect of a new regulatory regime for real estate was also evident in the low 2% growth for the construction sector, she said.
For eight quarters from January-March 2015 to October-December 2016, India consistently remained the fastest growing economy, surpassing China.
Manufacturing growth has gone down from 3.1 per cent to 1.6 per cent. Jaitley linked this decline to GST. "The slowdown reflects sharp deceleration in exports of goods, and some moderation in consumption growth", it said.
Chidambaram said: "GDP (Gross Domestic Product) and GVA (Gross Value Added) figures are more evidence of Dr Manmohan Singh's indictment of "monumental mismanagement".
The country's economy has lost further steam in the April-June quarter, with growth sliding to its lowest level in more than three years.
The government, however, said that the slowdown could be a one-off affair, given the large scale inventory clearance before GST's rollout.
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For example, small petrol cars which did not exceed 4 metres in length used to be levied 31.4% tax before implementation of GST . The date for implementing the hike in the cess may be decided by the GST Council when it meets in Hyderabad on September 9.
India's 2016-17 GDP growth is expected to be Rs 151.84 lakh crore, according to data from the Central Statistics Office. The Centre further said that funding of terrorist and naxalite groups had "stopped nearly entirely" since the note ban.
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Dan McTeague, senior petroleum analyst with the price-comparing website GasBuddy.com, says it's a matter of when, not if. All this, because as much as 31 per cent of US gas production is offline due to the storm, McTeague said.
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