Real GDP growth at 7.1% at 2011-12 prices is
in line with expectations vis-à-vis impact of demonetization on various sectors
of the economy such as mining, manufacturing, construction and trade sectors,
said Mr. Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry.
Growth in manufacturing sector has declined
from 10.8% in 2015-16 to 7.9% in 2016-17; growth in construction sector
declined from 5% in 2015-16 to 7.8% in 2016-17; growth in mining sector
declined from 10.5% in 2015-16 to 1.8% in 2016-17 and growth in trade
&services declined from 10.5% in 2015-16 to 7.8% in 2016-17.
We look forward to a good GDP growth with
three major positive developments taking place in the current year i.e positive
effect of demonetization, implementation of GST and low inflationary
expectations vis-à-vis IMD forecasts a good monsoon, said Mr. Jiwarajka
Growth is expected to be at around 8% in
2017-18, he said
The growth rate of agriculture and allied
sector at 4.9% in 2016-17 is inspiring and we expect more reforms to come in
the sector to strengthen the growth further in a sustainable trajectory, said
Mr. Jiwarajka.
Focus on food processing sector would help in
creation of employment opportunities, increase in rural incomes and will boost
the manufacturing growth, he added
Reforms in the construction sector for ease
of doing business would go a long way to improve India’s business environment,
attract investments and to absorb unskilled, semiskilled and skilled workforce,
said Mr. Gopal Jiwarajka.
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