Bhubaneswar: The Reserve Bank of India(RBI) Wednesday revised its growth forecast for fiscal 2017-18  to 6.7%, down from its August calculation of 7.3% keeping in view issues like GST implementation and lower kharif output estimates. It maintained status quo so far as rates are concerned.

“The loss of momentum in first quarter of the current fiscal and the first advance estimates of kharif foodgrains production are early setbacks that impart a downside to the outlook on growth projections”, said the federal bank in its fourth bi-monthly monetary policy statement, posted on its website. The manufacturing sector will continue in uncertainty in the short term due to the adverse impact of the GST, it added concluding that the revival of investment would be further delayed.

The RBI has said that the consumer confidence and overall business, manufacturing and service sectors has weakened in the July-September 2017 quarter.