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Downturn over, more growth in next two quarters: Niti VC

Thursday 28th September, 2017

Article Details
Publication  The Indian Express
Source  PTI
CCM  27.49
Edition  Mumbai
Supplement   NA
MAV  173,736
Language  English
Page  22
Circulation  125,000

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Downturn over, more growth in next two quarters: Niti VC
PRESSTRUSTOF INDIA
NEW DELHI,SEPTEMBER27
NITI AAYOG vice-chairman Rajiv Kumar on Wednesday said the economic downturn which began in the last two years of UPAII 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 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 fiscal.
The Niti Aayog vice chairman also pointed out tiiat in manufacturing and services PMI, the lowest point reached injuly and from there it has started rising.
Kumar noted that historically 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 observed.