Thursday 31 August 2017
Q1 GDP growth hits 3-year low of 5.7%, slowest under Modi government
NEW DELHI: India's GDP grew slower at 5.7% during April-June -- the lowest in three years of the Modi government while lagging China for the second straight quarter -- as manufacturing slowed ahead of the GST launch and note ban impact lingered. - As businesses destocked inventories ahead of the GST kick-off from July 1, gross value added (GVA) in manufacturing declined to a low of 1.2 per cent, from 10.7 per cent, year on year.
- China recorded 6.9 per cent growth in January-March as well as April-June quarters.
- Chief Statistician T C A Anant said 74 per cent of manufacturing GVA comes from the private sector whose performance was poor.
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