Slowdown due to DeMo, GST: Expert

Srinagar, October 18

A renowned Chandigarh-based economist, Sucha Singh Gill, delivered a lecture on “Slowdown in Economic Growth” at the Central University of Kashmir today.

Officials said Gill highlighted the importance of skilled human capital in the process of growth.

He said the gross capital formation had declined from 33 per cent to 26 per cent between 2013 to 2016. He said this was the reason behind the low economic growth. “Firstly, the decline is mainly due to decrease in domestic savings. Secondly, it is due to the two recent disruptions — demonetisation and introduction of the goods and services tax (GST),” said Gill, adding that the collapse of the policy-making system, especially the erosion of decision-making powers of the RBI, was also responsible for it. — TNS