India's annual growth slows to 7.1% after controversial note ban
India’s growth slowed to 7.1 percent last year, according to official data released on Wednesday, weaker than analysts expected but still the fastest rate of growth of any major economy.
GDP growth for the 12 months ended March 31 was well below a revised figure of eight percent for the previous year, and follows the government’s shock move last November to ban most of the currency in circulation.
“This is a sharper deterioration than what I expected,” Ashutosh Datar, economist at IIFL Institutional Equities, told AFP.
“The fourth quarter (6.1 percent) is a bit weaker than what I expected.”
As former prime minister of India Dr. Manmohan Singh warned ruling party (BJP) and its Hindu Nationalist leader Narnedra Modi.
"Demonetisation will hurt agricultural growth in our country, will hurt small industry, will hurt all those people who are in the informal sector of the economy. And my own feeling is that the national income, that is the GDP, can decline by about 2 per cent as a result of what has been done. "
-Manmohan Singh (Former Prime Minister of India)
-- 2/19/2018 4:02:45 AM