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...Written by Devendra Kumar Pant GDP growth in the first quarter of 2017-18, at 5.7 per cent, was way lower than consensus estimates by Reuters (6.6%) and Bloomberg (6.5%). Both supply and demand were impacted due to a combination of demonetisation, implementation of goods and services tax (GST), weak domestic and external demand, and input prices. A much lower growth in April-June 2017-18 than expected suggests that the impact of destocking and slowdown in manufacturing in anticipation of GST has been much deeper than anticipated, and is still playing out. Meaning, domestic demand conditions are still very fragile. Supply-side Another factor that did not support growth as anticipated is agriculture, particularly in view of the record foodgrain production in 2016-17. Agricultural growth declined to 2.3% from 5.2% in January-March 2017 and 2.5% in April-June 2016. In view of record foodgrain production, it appears the shortfall is mainly due to the underperformance of allied sectors, namely dairy, fisheries etc. ...Indian Express on Sept. 2, 2017, 9:53 a.m.