Rahul mocks govt: ‘Jaitley’s genius combines with Modi’s Gross Divisive Politics’ for poor GDP estimate

The CSO data showed growth was lower than the 7.1 per cent GDP growth in the previous financial year on account of slowdown in the agricultural and manufacturing output. The CSO statement also said that the advance estimate for Gross Value Added (GVA), the more closely watched indicator for growth, is estimated at 6.1 per cent for 2017-18, down from 6.6 per cent in the previous financial year. Also Read: GDP growth to hit four-year-low at 6.5%: Govt forecast

While part of the blame for the slowdown, especially in the manufacturing sector, can be directed at the adverse impact of demonetisation and initial glitches in implementation of Goods and Services Tax (GST), the positives from the data is that both gross fixed capital formation — a proxy for investment — and private final consumption expenditure, despite inching down, are still holding.