Slowdown bottomed out, GDP likely to grow7% in FY18: NITI

NITI Aayog Vice-Chairperson Rajiv Kumar has said that the economic slowdown that began in 2013-14 has bottomed out and GDP is likely to grow 6.9 to 7 per cent this financial year (FY) and 7.5 per cent in 2018-19. Economic growth slowed to 7.1 per cent in 2016-17, the year in which 87 per cent of the currency was demonetised, despite a very good show by the agricultural sector. Also, on a quarterly basis, the growth in the first quarter of the current fiscal year has slipped to 5.7 per cent. “I think by the time you come to the first quarter of 2018, you will see a stronger recovery, and FY19 will be the much better year than FY18,” he said adding that growth will be about 6.9-7 per cent in the current financial year.