IMF cuts India's growth rate following demonetisation stress
The decrease in percentage is a result of the post demonetisation stress.
"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 release stated.
However, the projections for India in 2017 and 2018 stands at 7.2 and 7.7 per cent respectively.
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