Downturn ended, says Niti's Kumar
Niti Aayog vice chairman Rajiv Kumar on Wednesday said the economic downturn which began in the last two years of UP AII regime has bottomed out and the growth will improve in the next two quarters.
Kumar also admitted that there have been problems on account of demonetisation and Goods and Services Tax (GST) implementation but now people have adopted to the new tax regime.
"The downward cycle in my view has bottomed out. We will be achieving higher growth in the next two quarters, and I think 2018-19 will be much better than the current year (in terms of economic growth)," he said at the AIMA diamond jubilee convention here.
India's economic growth has slipped to a three-year low of 5.7 per cent in the first quarter of the current
Downward cycle, in my view, has bottomed out. We will be achieving higher growth in two quarters
- RAJIV KUMAR
NITI AAYOG VICE CHAIRMAN
fiscal. The Niti Aayog vice chairman also pointed out that in manufacturing and services PMI, the lowest point reached in July, has started rising.
Kumar noted that countries which have adopted GST have all seen some decline in the growth rate because the system struggles to come to new norm.
"This formalisation of economy is going to take some cost," he said.
India got $ 250 billion FDI in last three years, pti