IMF revises downward India's growth rate to 6.6 per cent
Shital Jibhe / 17 Jan 2017
The International Monetary Fund (IMF) has on January 17 revised India's growth rate for the current fiscal year down to 6.6 per cent from its previous estimate of 7.6 per cent. The downward revision was mainly due to the negative impact of demonetisation on the economy.
The International Monetary Fund (IMF) has on January 17 revised India's growth rate for the current fiscal year down to 6.6 per cent from its previous estimate of 7.6 per cent. The downward revision was mainly due to the negative impact of demonetisation on the economy. The ban on high denomination notes imposed by the government November 8 led to cash shortages and disruption in payments.
Also, there was lacklustre economic activity in 2016, but it is expected to pick up in 2017 and 2018.
The global economic activity is also expected to accelerate in 2017-18 with the global growth projected at 3.4 per cent and 3.6 per cent, respectively.
Despite IMF's downward revision of India's growth rate and a slight upward revision of China's growth projections, India continues to be the fastest growing country among emerging economies.
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