Published On: Sat, Jan 6th, 2018

GDP likely to slow to a four-year low of 6.5 per cent this FY

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In the recent past, the country’s economy has witnessed several ups and downs. It seems that in this financial year the country would confront a serious financial crisis.

As per the latest report, in the financial year 2017-2018, the Gross Domestic Product growth rate is expected to slow down to a four-year low of 6.5 per cent.

In the previous year, the GDP growth rate was nearly 7.1 per cent, even though it was in that year the financial disasters, like demonetisation, hit our country.

It is clear that for last few years, the Gross Domestic Product growth rate of our country has been steadily decreasing.

The steady decrement in the GDP rate has been attributed to the diminution in the growth of the manufacturing and agricultural sectors.

As per the Central Statistics Office, the Gross Value Added is likely to slow down to 6.1 per cent in the previous year (the previous year’s GVA was 6.6 per cent).

Agricultural, forestry and fishing sectors is where more serious impact has been forecasted in the GVA rate, compared to manufacturing sector.

There is no doubt in the fact that the decrement in the GDP and GVA rates would put the ruling government in a serious trouble.

 

Vignesh. S. G

Photo Courtesy: Google/ images are subject to copyright 

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GDP likely to slow to a four-year low of 6.5 per cent this FY