Despite Government claiming of grand success of demonetization and GST in boosting economy the ground realities and facts are otherwise to it. The market suffered severe crunch in money supply in the markets and with the people.
In GST in maintaining business accounts and tabulation on computers and method and procedures of filing return are so cumbersome that the trading is severely adversely affected.
Now it has resulted that in this new year of 2018 the GDP growth rate will come down from 7.1 to 6.1 per cent. There are fears of sharp decline in the growth rate of manufacturing sector.
It will amount to less production, less export and less of job opportunities. During the demonetization within short time due money crisis the industries slow down or stopped production rendering lakh of industrial hands jobless.
The Chief Statistician of India Mr.Anant has said the de-stocking disruption caused due to the GST implementation has impacted the full year GDP estimates.
The economic growth is expected to slow of a four year low of 6.1 per cent. The lowest in under the Modi-led government mainly due to poor performance of agriculturing, construction and manufacturing sectors.