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India's GDP growth slips to 5.7 percent in April-June quarter

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Staff Writer | September 1, 2017
India industrial output
Asia   Central Statistics Office:

India's economic growth rate slipped to 5.7 percent, a three-year low, in the April-June quarter or first quarter of the fiscal year 2017-18, officials said.

The figures released by India's federal Central Statistics Office (CSO) showed the GDP growth fell to 5.7 percent in the quarter ended June 30, from 7.9 percent in the corresponding period a year ago.

Economists attribute the dip to the impact of government's demonetisation move last year and the uncertainty around implementation of Goods and Services Tax (GST) this year.

The demonetisation severely hurt sectors related to construction and induced a slowdown, analysts said.

"The sectors that have performed badly included mining and quarrying, and construction," the data said.

Both the sectors are cash intensive which took the worst hit after the demonetisation.


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