Statistics conducted by National Sample Survey Organization (NSSO) have reportedly revealed the bitter truth that the per capita income in the country would get reduced during the current financial year as a corollary to the decay in India’s economic growth.

Prime Minister Narendra Modi’s demonetization drive (launched in September, 2016) and the successive implementation of GST across the country from 01st July last year has combined to create a huge dent in the country’s economic growth. The BJP-led Centre conceded this last year but asserted that these were bitter measures badly required keeping in mind the long-term economic sustenance of the country.

As per NSSO’s recent survey, economic growth had come down to 7.1% during 2016-17 from 8% during 2015-16. “The fall in economic growth is attributed to not-so-encouraging progress registered in the manufacturing and agricultural sectors,” the survey points out.  During the corresponding period, agricultural production had come down by more than 50% - from 4.9% to 2.1%. Manufacturing sector has also undergone severe dent.

It is further predicted by the survey that economic growth would further reduce during the present financial year (2017-18) to reach a figure of 6.5%, which would be the lowest during the past four financial years. The survey points out further that as a result, the per capita income is to come down by 8.3% and would be Rs.111782/, a pale shadow of last year’s growth rate of 9.7%.