New Delhi, Sep 27: NITI Aayog Vice Chairman Rajiv Kumar on Wednesday said the economic slowdown has bottomed out and the next two quarters will show some improvement in the growth rates.
He said the downward spiral of economic growth began during the last two years of the UPA government and had now bottomed out , according to him.
However, As per the latest Gross Domestic Product (GDP) figures, India’s economic growth rate slipped to a three-year low of 5.7 per cent in the first quarter of the current fiscal.
“I think 2018-19 will be much better than the current fiscal,” he said at an event here.
The Vice Chairman of the government’s premier think-tank added that downfall was because of demonetisation and the implementation of Goods and Services Tax (GST) was also almost over. He said that all countries which adopted GST have witnessed some decline in the growth rate.