Chief Economic Adviser Krishnamurthy Subramanian on Friday said India's economic slowdown has bottomed out and there is an uptick from here onwards. He said, based on NSO's first advance estimates of GDP growth for 2019-20 at 5%, an uptick in GDP growth is expected in the second half of the fiscal.
"If you look at the business cycle phenomena in India, typically if you look at the peaks and troughs and co-relate it with what has happened, it seems like we have hit the trough therefore there should be uptick in growth. That is what we are budgeting", he said.
According to him, the uptick in second half of 2019-20 would be mainly due to ten positive factors like picking up of Nifty India Consumption Index for the first time this year, an upbeat secondary market, higher FDI flows, build-up of demand pressure, positive outlook for rural consumption, rebound of industrial activity, steady improvement in manufacturing, growth in merchandise exports, higher build-up of foreign exchange reserves and positive growth rate of GST revenue collection.