Thursday, 1 June 2017

Note ban hit GDP growth; RBI must cut rates >> Get Free Stock Tips- Call 9644405056

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The government's note ban move clearly had a debilitating impact on India's economy, the industry said , after GDP data showed growth declined to 6.1 per cent in the January-March quarter.

India lost the tag of the world's fastest growing major economy to China with a gross domestic product growth of 6.1 per cent in the fourth quarter. For the full 2016-17 fiscal, GDP growth stood at a three-year low of 7.1 per cent.

"For the sake of jobs, we need to get our act together and get the growth momentum in place. There is a call on the RBI to reduce the interest rates and boost confidence. "One only hopes that the impact of demonetization has played out and does not spill into the current financial year," Assocham President Sandeep Jajodia said.

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