Impact of Demonetisation and GST on key Industrial Sectors
The growth of different sectors of an economy depends on a number of factors, including structural, external, fiscal and monetary factors (which is partly reflected by demonetisation). Therefore, it is not possible to pinpoint the impact of demonetization and GST on sectoral outputs.
India’s Import and Export data (month-wise) for the Financial Years 2016-17 and 2017-18 along with growth rate is as under:
| Month | Value of Import (in US $ Million) | Growth Rate (in %) | |
| 2017-18 | 2016-17 | ||
| April | 38209 | 25689 | 48.73 |
| May | 38317 | 28286 | 35.46 |
| June | 36983 | 30917 | 19.62 |
| July | 33986 | 29305 | 15.97 |
| August | 35561 | 29303 | 21.36 |
| September | 37628 | 31839 | 18.18 |
| October | 37117 | 34495 | 7.60 |
| TOTAL | 257800 | 209835 | 22.86 |
| Month | Value of Export (in US $ Million) | Growth Rate (in %) | |
| 2017-18 | 2016-17 | ||
| April | 24592 | 20863 | 17.87 |
| May | 23969 | 22407 | 6.97 |
| June | 23108 | 22656 | 2.00 |
| July | 22382 | 21692 | 3.18 |
| August | 23517 | 21597 | 8.89 |
| September | 28732 | 22768 | 26.19 |
| October | 23050 | 23361 | -1.33 |
| TOTAL | 169349 | 155344 | 9.02 |
Note: Figures pertaining to the current Financial Year 2017-18 are provisional.
Source: DGCI&S
The percentage growth of gross value added at constant basic prices for manufacturing and construction sectors of the economy up to second quarter (Q2) of 2017-18 compared to the corresponding period in the previous year are given in the table below.
| Sectors | 2015-16 | 2016-17 | 2016-17 | 2017-18 | ||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |||
| Manufacturing | 10.8 | 7.9 | 10.7 | 7.7 | 8.2 | 5.3 | 1.2 | 7.0 |
| Construction | 5.0 | 1.7 | 3.1 | 4.3 | 3.4 | -3.7 | 2.0 | 2.6 |
Note: As per estimates released by Central Statistics Office
Details of revenue generated from central excise & customs duty during the last 12 months is as under:
| Sl. No. | Month | Central Excise (in Rs. Crore) | Customs Duty [On Export/ Import] (in Rs. Crore) |
| 1 | December, 2016 | 33159 | 18820 |
| 2 | January, 2017 | 34089 | 18974 |
| 3 | February, 2017 | 31927 | 18797 |
| 4 | March, 2017 | 35386 | 21665 |
| 5 | April, 2017 | 31817 | 20764 |
| 6 | May, 2017 | 34150 | 22051 |
| 7 | June, 2017 | 25007 | 21147 |
| 8 | *July, 2017 | 21150 | 30327 |
| 9 | *August, 2017 | 18960 | 31535 |
| 10 | *September, 2017 | 18191 | 31217 |
| 11 | *October, 2017 | 17367 | 29536 |
| 12 | *November, 2017 | 18127 | 28631 |
Note: * w.e.f 1st July, 2017 the CVD/SAD on Imports, Non-Petroleum component of Central Excise duty and complete Service Tax have been subsumed under GST. The Customs duty on Imports from July – November, 2017 are inclusive of IGST and GST Compensation Cess.
Source: Department of Revenue.
The Minister of State for Commerce and Industry Shri C.R.Chaudhary gave this information in a written reply to a question in Rajya Sabha today.