According to NITI Aayog Vice-Chairman Rajiv Kumar, the economic slowdown that began in 2013-14 has bottomed out and the GDP is likely to grow at 6.9-7 % this fiscal (2017-18) and 7.5% in 2018-19. The economic growth slowed to 7.1% in 2016-17, the year in which 87% of the currency was demonetised, despite a very good show by the agricultural sector.
On a quarterly basis also, the growth in the first quarter of the current fiscal had slipped to 5.7%. In the next fiscal year, the growth would be about 7.5%.
Must Do Takeaways from the above News:
- The National Institution for Transforming India, also called NITI Aayog, was formed via a resolution of the Union Cabinet on January 1, 2015.
- Dr Rajiv Kumar has recently appointed as the Vice Chairman of NITI Aayog. Kumar replaced Arvind Panagariya.
- The Government of India, in keeping with its reform agenda, constituted the NITI Aayog to replace the Planning Commission instituted in 1950.
Source- The Hindu