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government reforms and stringent fiscal
management.
During 2016-17, the Indian economy
sustained relatively low inflation, fiscal
discipline and moderate current account
deficit coupled with a broadly stable
rupee-dollar exchange rate. Despite this
reality, the nation’s GDP grew 7.1 % in
2016-17 against 7.9% in 2015-16. This
lacklustre performance was largely due
to the Government’s demonetisation
initiative which impacted economic
activity in cash-sensitive sectors. The year-
on-year (y-o-y) growth of Gross Value
Added for the services sector (excluding
construction) remained largely stagnant
between 2015-16 and 2016-17.
Outlook:
India’s economic growth
is expected to improve in 2017-18.
The impact of demonetisation could
dissipate in 2017-18 with economic
growth recovery. The adoption of the
Goods and Service Tax (GST) will create
a single national market for enhancing
the efficiency of the movement of goods
and services which could catalyse India’s
medium-term GDP growth momentum
near to 8%.
WITH A GDP
AT RS. 121.90
LAKH CRORE
(AT CONSTANT
(2011-12) PRICES),
INDIA RANKS
AS THE FIFTH
LARGEST
ECONOMY.
017
ANNUAL
REPORT
20
16-17
KAJARIA
CERAMICS
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OVERVIEW
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