2017 was a year where 2 major reforms, disrupted the Indian economy - Demonetization (which was enacted at end of CY’16) and implementation of GST. However the Indian economy remained resilient and showed positive growth in many parameters. The macro economic conditions of India have been the best in recent times and we see the same continuing in 2018, however there may be some challenges along the way. Global growth is showing signs of inching up, and should aid the growth in the Indian economy. The table below highlights what we believe was the economic picture for the Indian economy in CY 2017.
After declining to a three-year low of 5.7% in Q1 – the Fifth straight quarterly decline – GDP nosed up to 6.3% in Q2 on improvement in industrial growth. The pick-up signals fading impact of demonetization and destocking that preluded the implementation of the Goods and Services Tax (GST).
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