FICCI comments on advance estimates of GDP

"The advance estimates for Gross Domestic Product (GDP) as well as Gross Value Added (GVA) growth for FY17 released today are in line with the estimates of the RBI, pointing towards slow growth " said Mr. Pankaj Patel, President, FICCI.

"The data on gross fixed capital formation corroborates the weakness in investment activity. We hope that the recent cut in lending rates by banks and the impetus given to the housing sector will help in boosting the demand and investment scenario. We hope that this rate cut cycle will be carried forward to further accelerate the pace of growth", said Mr. Patel.

"We also look forward to reduction in tax rates and further policy push to support demand and investment in the upcoming Union Budget. An economy with wider tax base and robust growth will help fund the capital and social expenditure for the larger benefit of the economy", he added.