Niti Aayog Vice Chairman Rajiv Kumar has said, the economic slowdown that began in 2013-14 has bottomed out and the GDP is likely to grow 6.9 to 7 per cent this fiscal and 7.5 per cent 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%.
Mr Kumar said, by first quarter of 2018, there will be a stronger recovery which will continue on much more sustained basis. He said, fiscal 2018-19 will be the much better year than fiscal 2017-18.
The Niti Aayog vice chairman said the country did very well from 2007-13 and the downward cycle started in 2013-14, mainly because of splurge in lending to undeserving projects since 2007.