 "GDP growth to be more robust in next fiscal: NITI Aayog VC Rajiv Kumar")
Niti Aayog Vice Chairman Rajiv Kumar on Friday said India's economic activity has been picking up for the last three quarters and the country's GDP growth will become more robust in 2018-19.
Kumar was reacting to the growth estimates of 2017-18 released by the Central Statistics Office (CSO) on Friday.
"The second half GDP growth in 2017-18 has risen to 7 per cent, bringing the annual growth rate to 6.5 per cent...GDP growth will become more robust in 2018-19," he said.
The Niti Aayog vice chairman pointed out that economic activity has been picking up over the last three quarters and can be expected to strengthen in the coming period with the manufacturing PMI now reading at a five-year high and FMCG demand going up.
He added that 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 7th Pay Commission.
According to CSO data, economic growth is expected to slow to a four-year low of 6.5 per cent in 2017-18, mainly due to poor performance of agriculture and manufacturing sectors.
The Gross Domestic Product (GDP) was 7.1 per cent in 2016-17 and 8 per cent in the preceding year. It was 7.5 per cent in 2014-15.