Business Standard

CRISIL lowers GDP forecast to 7% in FY18 on GST hiccups

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Domestic rating agency CRISIL on Monday lowered its growth forecast to seven per cent for FY18, down from 7.4 per cent earlier, as it sees disruption­s arising from the implementa­tion of the new uniform tax regime to continue to impact the economy for a few more quarters. In the quarter to June, economic expansion slumped to 5.7 per cent, the slowest in the past three years and the country lost the tag of being the fastest growing large economy again to China. This year will see some more headwinds in the form of the goods and services tax (GST) related disruption­s, even as the economy tries to recover from the impact of the note-ban announced last November, Crisil said in a report.

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