Updated By: LatestGKGS Desk
International Monetary Fund growth rate 2016-17 in India
International Monetary Fund growth rate in India in 2016-17
International Monetary Fund declares a fall in the growth rate of India from 7.6% to 6.6% for the current financial year.
According to International Monetary Fund, the fall in growth rate is due to demonetisation.
The IMF states that the growth forecast for India in the financial year 2016-17 and the next financial year has been decreased by one percentage or 0.4%.
The fall in the rate is due to cash shortage which the country suffered and exchange of currency notes past demonetisation
International Monetary Fund has also forecasted that in the year 2017, India is expected at a growth rate of 7.2%.
While in the year 2018, it is expected that the growth rate can go to 7.7%.
As per latest IMG projections, the growth rate is estimated at 7.2% in the year 2017 while China’s growth rate is estimated at 7.7%.
