India’s gross domestic output is expected to grow at a slower pace of 7.1 per cent in 2016-17 compared to the 7.6 per cent clocked in the previous year, Chief Statistician TCA Anant said.
But this doesn’t factor in the impact of the Centre’s decision to scrap high-value currency notes on November 8. It is expected that Note ban will further reduce the economic growth.
Data from seven months:
Stressing that this estimate, which is in sync with the Reserve Bank of India’s economic growth forecast, is largely based on data from the first seven months of the year, Mr. Anant said outcome-based numbers from the September to December quarter would be captured in the next growth projection to be released on February 28.