India's GDP growth estimated to fall at 7.1% in 2016-17

India's Economic growth was anticipated to steady to 7.1% in the current fiscal year ending March 31 compared to 7.6% last year, the first indicator after the demonetisation. The estimates have been reduced in all sectors, except for agriculture. The data released on Friday by the 'Indian Central Statistics Office'. Following the Prime Minister Narendra Modi's surprise move on November 8th to ban India's highest value bank notes out of circulation, which has swab outs 86% of the currency. 

The 'First Advance Estimates of National Income, 2016-17' are based on sectoral data for only seven months i.e till October. Actual Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2016-17 is likely to achieve a level of INR 121.55 lakh crores. The growth in GDP during 2016-17 is estimated at 7.1% as compared to the growth rate of 7.6% in 2015- 16, the Central Statistics Office (CSO) said. The CSO anticipates on national income is in line with the RBI estimates, which is too lowered the GDP growth probability to 7.1%.