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Financial News: India Forecast Slower Growth For FY 2017/18

India Forecast Slower Growth For FY 2017/18

01/05/2018 - 08:49:00 (RTTNews)

(RTTNews) - India's government on Friday forecast slower growth for the financial year ending March 31.

Gross domestic product is set to grow 6.5 percent in the current financial year after a 7.1 percent expansion in the previous fiscal year, preliminary estimates from the Central Statistics Office revealed.

The economy's growth will become more robust in 2018-19, Rajiv Kumar, who is the vice chairman of the government's planning body NITI Aayog said.

The official pointed out that economic activity has been picking up over the last three quarters and can be expected to strengthen in the coming period. he also cited the robustness in manufacturing with the latest Purchasing Managers' Index score hitting a five year high. Further, he noted that consumer goods demand was picking up briskly.

Kumar also said that the estimates assume significance in the wake of the fact that the higher second half growth has come despite a weaning of public sector expenditures which had peaked in 2016-17 on account of the implementation of the recommendations of the Seventh Pay Commission.

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