SME Times is powered by   
Search News
Just in:   • Key equity market indices flat, Sensex at 30,141 pts  • Axis Bank's Q4 net profit down 43 pc  • SEBI allows options trading in commodities market  • Trump's administration unveils tax cut principles  • Trump decides to keep Nafta for now 
Last updated: 11 Jan, 2017  

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

World.Economy2.jpg
   Top Stories
» UDAN makes air travel accessible to more people: Modi
» 'Appreciating rupee may dent continuous robust exports growth'
» India, Sri Lankan discuss bilateral issues
» Haley, Akbaruddin discuss India-US cooperation
» PM Modi reviews performance of key infrastructure sectors
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
65.55
63.85
UK Pound
84.25
81.45
Euro
70.65
68.20
Japanese Yen 60.45 58.40
As on 27 Apr, 2017
  Daily Poll
Is Rupee appreciation a cause of concern for Indian exports?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(9)
» Monsoon delight(4)
» Govt rejects Congress's claim, says GeM most transparent platform(2)
» GST will not bring major hike in tax burden: Official(1)
» List of items for which anti dumping duties has been levied with related notifications(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter