De-Stocking By Using Industries Responsible For Fall In India’S Gdp, Says Arun Jaitley

This was the lowest quarterly GDP growth recorded in the three years of the Narendra Modi government.
Since it came in July, most manufacturers were de-stocking,” he said, noting that services growth had, however, improved during the quarter in question.
“De-stocking of the manufacturing sector seems to have been completed, so the dip in manufacturing could be bottoming out from this quarter,” he said.
Anant told reporters the principal reason for the decline in growth is a fall in manufacturing sector which saw a growth of 1.6 per cent during the quarter.
“Manufactuing has gone down to 1.6 per cent, from over 3 per cent growth in the previous quarter,” Jaitley told reporters here following the release of the GDP numbers for the April-June quarter by the official statistician.

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