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11
January 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. The Total Investment & Insurance Solutions
"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. The Total Investment & Insurance
Solutions
"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. The
Total Investment & Insurance Solutions
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.The
Total Investment & Insurance Solutions
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