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IMF cuts India’s growth rate following demonetisation stress

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IMF cuts India’s 2016 growth forecast, unseating it as year’s fastest growing economy

IMF cuts India's 2016 growth forecast, unseating it as year's fastest growing economy*/

– Washington: The International Monetary Fund on Monday cut India’s growth estimate for the current fiscal year by one percent to 6.6 percent unseating the nation as the world’s fastest growing economy for 2016.A senior IMF official, Maurice Obstfeld, said on Monday that, however, “this is likely to be temporary factor” and that he expected a full bounce back after the 2017 fiscal year.The IMF’s World Economic Outlook Update released here on Monday said the cut was “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”.
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Demonetisation hits Indian economy; IMF cuts FY18 growth 100bps, 40bps on note ban alone, to 6.6%

Demonetisation hits Indian economy; IMF cuts FY18 growth 100bps, 40bps on note ban alone, to 6.6%*/

– The downward revision, if it translates into reality, will let China reclaim, albeit temporarily, the fastest growing major economy tagfrom India.(Reuters)The International Monetary Fund on Monday slashed India’s gross domestic product (GDP) growth forecast by 100 basis points (bps) to 6.6% in FY17 and by 40 bps to 7.2% in FY18, citing a consumption slump after the demonetisation of high-value notes.The downward revision, if it translates into reality, will let China reclaim, albeit temporarily, the fastest growing major economy tagfrom India.
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IMF cuts India’s growth to 6.6 per cent from 7.6 per cent, cites demonetisation as reason

IMF cuts India's growth to 6.6 per cent from 7.6 per cent, cites demonetisation as reason*/

– Washington: The IMF on Monday cut India’s growth rate for the current fiscal year to 6.6 per cent from its previous estimate of 7.6 per cent due to the “temporary negative consumption shock” of demonetisation, days after the World Bank also decelerated India’s growth estimates.“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 International Monetary Fund (IMF) said in its latest World Economic Outlook (WEO) update released on Monday.The IMF said that after a lacklustre outturn in 2016, economic activity is projected to pick up pace in 2017 and 2018, especially in emerging market and developing economies.
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IMF cuts India’s growth rate following demonetisation stress

IMF cuts India's growth rate following demonetisation stress*/

– Washington, Jan 17 : In a setback for the Indian government, the International Monetary Fund (IMF) has cut India’s growth rate to 6.6 percent for the current fiscal year, a decrease by one percent from its previous estimate.The decrease in percentage is a result of the post demonetisation stress.{image_1}In India, the growth forecast for the current (201617) 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.
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