Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Textiles / India's growth projected at 4-year low of 6.5% this fiscal
India's growth projected at 4-year low of 6.5% this fiscal
Jan '18
Economic growth in 2017-18 is estimated to hit a four-year low of 6.5 per cent, against 7.1 per cent in 2016-17 and the pace of agricultural expansion is likely to fall from 4.9 per cent in the previous year to 2.1 per cent in the current fiscal due to decline in kharif output, according to data released by the Central Statistics Office (CSO).

The projected growth rate is not only lower than what was forecast by the Economic Survey in the range of 6.75-7.5 per cent, but also slightly higher than the 6.4 per cent registered in 2013-14. However, it is much higher than the 5.5 per cent in 2012-13.

The first advance estimate for India’s gross domestic product (GDP) growth released by the Central Statistics Office (CSO) indicated massive rural distress as the agricultural output inflation rate is likely to fall to 0.7 per cent, according to a press release from the ministry of statistics and programme implementation.

Chief statistician TCA Anant said GDP growth would remain above 7 per cent from the fourth quarter of the current financial year.

Growth in gross value added (GVA) is expected to fall to 6.1 per cent this fiscal, much lower than the Reserve Bank of India’s forecast of 6.7 per cent. GVA had risen 6.6 per cent in the previous year.

The goods and services tax (GST) not only impacted manufacturing in the second quarter of FY18, when it was rolled out, but also in the first quarter due to pre-implementation jitters. GST also affected net taxes as these are projected to grow only 10.9 per cent in the current fiscal against 12.8 per cent in the previous year.

Manufacturing may see a growth rate of just 4.6 per cent in the current year against 7.9 per cent in the previous year. Investment seems to be reviving with gross fixed capital formation forecast to rise by 4.5 per cent against 2.4 per cent.

Services are also projected to go higher even as growth in government-backed public administration, defence and others is pegged to fall by 9.4 per cent against 11.3 per cent in the previous year. (DS)

Fibre2Fashion News Desk – India

Must ReadView All

AmCham Cambodia cautions US against possible sanctions

Apparel/Garments | On 22nd Sep 2018

AmCham Cambodia cautions US against possible sanctions

In a letter to US lawmakers, the American Chamber of Commerce...

Courtesy: ycloset

Apparel/Garments | On 22nd Sep 2018

Alibaba invests in clothes sharing platform Ycloset

Chinese garment sharing platform YCloset has completed an undisclosed ...

KG cracker; courtesy: Ineos

Textiles | On 22nd Sep 2018

Ineos to invest £60 mn in the UK to expand production

Ineos has announced plans to invest £60 million to expand its...

Interviews View All

Karan Suratwala, Key Textile Accessories Private Limited

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Jurgen Gauger, Spreadshirt

Jurgen Gauger

‘Buying crowdsourced or creative designs are much more appealing to the...

Headhonchos, Textiles & allied industry

Textiles & allied industry

Textiles industry is always in the forefront in accepting latest technology

Siddhachakra Weaving (Badiya Fashion),

Siddhachakra Weaving (Badiya Fashion)

Ahmedabad-based Siddhachakra Weaving Pvt Ltd was established in 2011 under ...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Gagan Gulati,

Gagan Gulati

PG Silk Mills Private Limited had a humble start with a hand-dyeing unit....

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Marcel Alberts, Eurofibers

Marcel Alberts

Coating at a fibre level is a practice not usually seen in the...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Robert Brunner, Devereux

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on

Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search