Famous American economist Steve H Hanke has outlined India ‘s economic growth with regard to 2016-17 as solid.
Hanke, who is actually an American applied economist at the Johns Hopkins University in Baltimore, Maryland, stated this in a tweet.
Hanke pointed out, India’s growth appears to be solid as it ignores the adverse effect of Demonetization on the massive informal economy.
The Indian govt had last month (February) called GDP increase at a higher-than-expected 7.1 per cent for the current fiscal regardless of note ban. The Central Statistics Office (CSO) had position the rate of growth for October-December in 2016 at 7 %.
In the course of this quarter government banned eighty-six per cent of the currency in circulation. The growth rate had been 7.4 percent in 2nd quarter and 7.2 percent in 1st quarter.
India ‘s increase had been greater than China’s 6.8 per cent for the October-December period of 2016.
The growth figures had been far better than those predicted by the RBI at 6.9 per cent and international agencies such as IMF at 6.6 per cent, OECD at 7 per cent in perspective of demonetization.
