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World Bank cuts Indian GDP growth for fiscal to 7 pc
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SME Times News Bureau | 11 Jan, 2017
In its first projection on India post-demonetisation, the World Bank
has lowered the country's GDP growth estimate for this fiscal to 7 per
cent, from its earlier estimate of 7.6 per cent made in June last year.
"Growth
in India is estimated to reach 7 per cent in financial year (FY)
2017...reflecting a modest downgrade to India's expansion," the
multilateral lender said in its Global Economic Prospects report
released here on Tuesday.
"Unexpected demonetisation - the
phasing out of large denomination currency notes - weighed on growth in
the third quarter of FY 2017," it said.
"Weak industrial
production and manufacturing and services purchasing managers' indexes
further suggest a setback to activity in the fourth quarter of FY 2017,"
it added.
Last week, India's official statistician in New Delhi
also lowered the country's gross domestic product growth estimates for
2016-17 to 7.1 per cent, compared with the 7.6 per cent growth in
2015-16.
While announcing its monetary policy review last month,
the Reserve Bank of India acknowledged the demonetisation factor and
lowered their gross value added (GVA) growth estimates for the current
fiscal to 7.1 per cent from the 7.6 per cent forecast earlier.
On
November 8, Prime Minister Narendra Modi announced the demonetisation
of Rs 1,000 and Rs 500 notes, saying the move was aimed to eliminate
black money, counterfeit currency and terror financing.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
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58.85 |
56.85 |
As on 13 Aug, 2022 |
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