A worker uses a welding torch to weld an iron machine at the construction site of a flyover in New Delhi
Given the tepid growth estimates from agriculture, it gives us a feeling that the budget 2018 will have a higher focus on agriculture and rural economy.
The government estimated that gross value added (GVA), which is GDP minus net taxes, will grow at 6.1 percent in 2017-18.
In a huge setback to the claims of the government on the economic front, theimpact of GST is finally showing on the growth which is now officially expected to be at 6.5 percent, the slowest in the last four years. He also indicated that the government could find it hard to achieve its fiscal deficit target of 3.2 per cent of GDP. The forecast has been released a little over three weeks before finance minister Arun Jaitley presents the last full-fledged Budget of this government before the 2019 Lok Sabha elections.
Chief Statistician TCA Anant said, "The de-stocking disruption caused due to the GST implementation has impacted the full-year GDP estimates".
CSO data showed that in the first half (April-September) of the financial year, the economy grew at 6 per cent, indicating that it will accelerate in the second half (October-March). At the time of releasing the second quarter GDP data in November, Anant had said: "GST has brought in a number of uncertainties because of tax for the period not being paid on time".
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"Agriculture growth rate slips to 2.1 per cent from 4.5 per cent past year". The GDP had grown at 7.1% during the 2016-'17 fiscal year. Electricity and trade, hotels sectors are the only sectors that will grow at a faster rate of 7.5% and 8.7% in FY18 than in FY17.
The Gross Domestic Product (GDP) was 7.1 percent in 2016-17 and 8 percent in the preceding year.
The dominant services sector, which accounts for around 80 per cent of United Kingdom economic output, was the main driver of third quarter growth, expanding by 0.4 per cent.
A barometer of investment, Gross Fixed Capital Formation (GFCF) at current prices is estimated at Rs 43.84 lakh crore in 2017-18 as against Rs 41.18 lakh crore in 2016-17. As for computing budget numbers such as fiscal deficit, advance estimates have been used. This dimension was also shown by government final consumption expenditure, which is projected to fall by more than half.
Earlier, the country's GDP growth for the second quarter of the current fiscal that ended on September 30 was 6.3 per cent - up from 5.7 per cent reported during the first quarter of 2017-18.
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