India’s Gross Development Product (GDP) has reported the steepest fall in three years during quarter 1 of the current financial year.
According to the latest report by the Central Statistics Office (CSO), economy registered a 5.7 per cent growth in April-June (Quarter 1) of 2017-18, much slower than the 7.9 Per cent recorded in the first quarter of 2016-17.
However, the Union Finance Minister Arun Jaitley expressed his concern of the dismal numbers report and said the economy was well placed and was expressed to grow post the rollout of the Goods and Services Tax.
Jaitely assured to take steps to fuel up the growth.
Further, India’s growth reported in April- June is lower than that of China at 6.9 per cent.
“Slowdown is a matter of concern. In coming quarters we need to work more on policy and investment to improve the figures,” he said.
“Global economy is improving faster than what we thought and … the domestic public investment is certainly going to be quite high because the revenue trend seems to be positive,” Jaitley said.
Reportedly, the slowdown majorly affected sector namely manufacturing, construction and mining sectors .
