Crude oil and interest rate pressure on the economy result in 7.5% GDP growth rate

Jun 16 2018 03:46 PM
Crude oil and interest rate pressure on the economy result in 7.5% GDP growth rate

In the first half of the current financial year, the growth rate of GDP will be much faster, but it will remain under pressure in the second half and it can be restricted to 7.5 percent. The Japanese brokerage company Nomura has estimated this. 

Chief economist Sonam Verma of Nomura in India said that the increase in interest rates by the Reserve Bank of India and the price of crude oil create fears about the durability of the cyclical and widespread improvement. 

She said that the growth rate of GDP in the first half will be 7.5 to 8 percent, but in the second half it will come down. The growth rate of GDP in 2018-19 will be 7.5 percent overall. It may be noted that the growth rate of GDP in the first half of last financial year was low. Analysts said this was due to the effect of the implementation of the goods and services tax (GST) and the ban on bondage. 

GDP growth in the last financial year was 6.7 percent. It is 7.7 percent in the March quarter. Verma said that the financial conditions are getting tough in recent times. She cautioned that later on, it could have an impact on private investment. 

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