SME Times is powered by   
Search News
Just in:   • 1,500 delegates to participate in Global Entrepreneurship Summit  • CENTRESTAGE to showcase budding designers from 6-9 Sep  • SC directs police to furnish details of Unitech flat buyer numbers  • NAFTA deadlock: US, Canada, Mexico kick off renegotiations  • Equities trade in green; metal, oil&gas stocks buoy sentiments 
Last updated: 11 Jan, 2017  

worldbank.THMB.jpg World Bank cuts Indian GDP growth for fiscal to 7 pc

World.Economy2.jpg
   Top Stories
» Fall in exports of perishable goods prods govt to explore water transport
» Govt bans exports of gold items above 22 carats
» India-Sweden MoU on IPRs to benefit SMEs: Govt
» Relief to SMEs as govt extends GST exemption for NE, hilly states
» 'Japan may announce new comprehensive package for India'
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.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.65
63.95
UK Pound
85.35
82.50
Euro
74.65
72.25
Japanese Yen 58.30 56.35
As on 17 Aug, 2017
  Daily Poll
Is GST affecting exports negatively?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(9)
» PM's I-Day speech: Govt eases way for small businesses(3)
» Economic Survey: Volume-2(3)
» List of items for which anti dumping duties has been levied with related notifications(2)
» Govt officials taking stock of export issues related to post GST, FTP(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter