Economic downturn has ended: Niti Aayog chairman
PRESS TRUST OF INDIA
New Delhi, September 27
NITI AAYOG VICE CHAIRMAN
Rajiv Kumar on Wednesday said the economic downturn, which began in the last two years of UPA-II 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.
"This downward cycle of economic growth began in the last
two years of the UPA-II government and that 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 bet-ter 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% in the first quarter of the current fiscal.
The Niti Aayog vice chairman also pointed out that in manufacturing and services PMI,the lowest point reached in July and therefrom it has started rising.