India loses position as world’s fastest-growing economy

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https://www.rt.com/business/373935-india-fastest-growing-economy/

According to the IMF World Economic Outlook, India’s economic growth stood at 6.6 percent in 2016 compared with China’s 6.7 percent. In 2015, Indian growth was 7.6 percent.

The IMF said it had lowered forecasts for India growth in the current fiscal year due to “temporary negative consumption shock” of the currency invalidation.

“In India, the growth forecast for the current (2016-17) and next fiscal year were trimmed by one percentage point and 0.4 percentage point, respectively, primarily due to the temporary negative consumption shock induced by cash shortages and payment disruptions associated with the recent currency note withdrawal and exchange initiative,” the IMF said.

Last week the World Bank also decelerated India’s GDP growth for 2016-17 fiscal year to seven percent from its previous estimates of 7.6 percent.

Indian Prime Minister Narendra Modi announced in November the government’s decision to withdraw the two largest rupee notes, explaining the move as part of the fight against corruption.

The discontinued 500 and 1,000 rupee bills (worth about $7.35, $14.7) made up 86 percent of India’s currency in circulation.

The dramatic decision caused chaos as cash machines began to run out of money with people rushing banks to exchange the old currency.

Government figures showed India grew at 7.3 percent in the quarter that ended in September, before the cash ban.

The IMF said it expects India’s economy to recover to 7.2 percent growth this year and accelerate to 7.7 percent in 2018. China is projected to continue decelerating, to 6.5 percent in 2017 and six percent the year after.

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this is just semantics..0.1% is nothing..and i have as much faith in chinas numbers as i do in fifas numbers for awarding the world cup..

“The IMF said it expects India’s economy to recover to 7.2 percent growth this year and accelerate to 7.7 percent in 2018. China is projected to continue decelerating, to 6.5 percent in 2017 and six percent the year after.”

401

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~ by seeker401 on January 25, 2017.

4 Responses to “India loses position as world’s fastest-growing economy”

  1. Hi Seek. On topic sort of…

    Reinhardt observed that as a precursor to war, a country would get a technology transfer and big manufacturing improvements.

    Trump is ‘bringing back manufacturing’ in both the motor car industry and also weapons manufacture. He is going to renovate and build infrastructure and the military. He has also said he will release ‘new technologies to the world’.

    Is this a US getting ready for a orchestrated War?

  2. Germany got a tech transfer AND manufacturing improvements before the 1st war. Russia got one before the 2nd war..

  3. Reblogged this on World Peace Forum.

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