Thursday, 1 June 2017

Note ban pulls down economy to 3-year low of 7.1% in FY17

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Hit hard by demonetization, India lost the tag of the fastest growing economy to China in the March quarter with a GDP growth of 6.1 per cent, pulling down the 2016-17 expansion to a three-year low of 7.1 per cent.

The bad news of the economy growing at the slowest pace in three years mainly on account of poor performance of manufacturing and service sectors come at a time when the Modi government is celebrating three years in office.

The GDP growth in 2016-17 is slowest in two years. It was 8 per cent in 2015-16 and 7.5 per cent in the previous year.

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