India’s Economic Growth Seen Slowing to 7.1%

India’s Economic Growth Seen Slowing to 7.1%

India’s Economic Growth Seen Slowing to 7.1%

India’s economic growth is estimated to slow to 7.1% in the current fiscal year ending 31 March compared to 7.6% last year, the 1st indicator of the impact of the demonetization drive.

The data released Friday by the Indian Central Statistics Office comes as the country has seen a sharp cash shortage following Prime Minister Narendra Modi’s surprise announcement on 8 November pulling India’s highest value bank notes out of circulation.

The move has wiped out 86% of India’s currency and is aimed at ending tax fraud, corruption and pushing India toward digitization.

Experts have said the move could push GDP growth to below 6.5% this year as demonetization has hit all parts of the economy.

Have a terrific weekend.

 

The following two tabs change content below.

Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

You must be logged in to post comments :  
CONNECT WITH