Niti Aayog's new Vice-Chairman Rajiv Kumar today said economic growth in the second quarter of current financial year is expected to soar to 7 to 7.5 per cent on the back of good monsoon and clarity over GST. <br/><br/>In the first quarter of the current fiscal, the country's GDP growth slowed to a three-year low of 5.7 per cent. In his first media interaction after assuming office, Dr Kumar said, the decline in growth in the first quarter can be attributed to de-stocking by manufacturers in anticipation of GST rollout from 1st of July. <br/><br/>On the effect of demonetisation, he said it impacted growth in the first quarter as by that time the currency shortage triggered by the scrapping of 500 and one thousand rupee notes last year was over.<br/><br/>Saying private investment is must for faster economic growth, he said efforts should be made to generate employment for our youth. He said employment generation will be good in sectors like textile and NITI Aayog will focus on more job creations. <br/><br/>DR Kumar said the think tank is creating a platform where all stakeholders can come together and give suggestions on growth and development. He said that policies should focus on country's development and people should give ideas for better governance. Dr Kumar said, transformational ideas are the need of the hour to boost economy. <br/><br/>The new Vice chairman said there is a need to modernise agricultural sector to increase productivity and income of farmers.