"Public administration, defence and other services", "Trade, hotels, transport, communication and services related to broadcasting", "Electricity, gas, water supply and other utility services" and "Financial, real estate and professional services" are expected to grow above 7% in FY2017-18.
According to Chief Statistician T.C.A. Anant, the de-stocking disruption caused due to the GST implementation has impacted the full-year Gross Domestic Product (GDP) estimates.
Central Statistics Office (CSO) has pegged the GDP growth rate during the FY2017-18 at 6.5% in its first advance estimates as compared to GDP growth rate of 7.1% in FY2016-17 at basic constant prices of 2011-12. The Central Statistics Office (CSO) projected that economic growth rate for 2017-18 will be lower than the 7.1 percent achieved in 2016-17. In the second quarter, the economy showed signs of revival as the GDP growth rate picked up and stood at 6.3 per cent. The data showed per capita income is expected to be Rs 1,11,782 in 2017-18.
The Indian economy is forecast to grow at its slowest in four years in FY18 but is expected to pick up pace in the second half of the year.
GDP growth was 7.1 per cent last fiscal.
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Goods and Services Tax (GST) revenue data till November has been included for the GDP's advance estimate compilation along with non-GST revenue, it said. In the first seven months of the financial year, Index of Industrial Production (IIP) growth averaged 2.5%, a tad lower than the average of 2.6% in the first six months (April-September).
The ministry projects manufacturing growth for the whole financial year to slow down to 4.6% from 7.9% last year, along with growth in agriculture, forestry and fishing expected to drop to to 2.1% from 4.9% during the same period last year.
The EAC-PM Chairman said the advance estimate numbers only reinforce what was already known - that reforms undertaken by the government will place the economy on an upward growth trajectory, without compromising on fiscal consolidation. 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. The CSO could actually estimate a faster GVA expansion in the final two quarters, implying but for slower-than-expected GST tax revenue collections, overall growth could have been faster.
"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".