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The International Monetary Fund (IMF) cuts GDP  growth estimate for 2016-17 to 6.6% from its estimate of 7.6% due to demonetisation of high value currency notes. And the China's GDP growth estimate was raised for 2016-17 to 6.7% from its estimate of 6.5%. If the estimates are perceive then India risks losing the 'fastest growing major economy' tag. IMF estimates the economy to recover and grow by 7.2% in 2017-18, inert slower than the earlier forecast of 7.6%. In 2018-19, it’s estimates the Indian economy to grow by 7.7%.


Earlier in this month, the World Bank cuts the country's economic growth projection to 7% for 2016-17 from its previous estimate of 7.6%. Reserve Bank of India (RBI) has also lowered its GDP growth estimate for the current fiscal year to 7.1% from 7.6%. The Central Statistics Office estimates the economy to growth by 7.1% in 2016-17, lower than the previous estimate of 7.6%, this estimate does not consider the impact of demonetisation. Global growth for 2016 is now projected at 3.1%, in line with October 2016 estimate. Advanced economies are now projected to grow by 1.9% in 2017 and 2% in 2018, 0.1 and 0.2% points more respectively compared to the October estimate.
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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%.
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Indian opposition parties say thousands of people will participate in nationwide protests against the BJP Government's ban on 500 and 1,000 currency notes. Oppositions argue that it causes bedlam as people lined up at banks to exchange their old currency. Indian Prime Minister Narendra Modi has defended the decision saying it was an anti-corruption measure. And the opposition parties says that the move was wreck. The Kerala State ruled by the Communists is likely to see a shutdown while a major protest reunite has been planned in the eastern city of Kolkata. In Bangalore Congress party will hold a protest march where up to 4,000 people are expected to participate, according to sources.


In India about 90% of transactions are in cash and many people don't have a bank account. PM Modi called on people to clutch digital payments and use less cash. The former Prime Minister Manmohan Singh said that the government's move to ban the much-used banknotes was ‘monumental mismanagement’ and that the gross domestic product (GDP) would fall by about 2%. There have been chaotic scenes in India ever since the currency ban was announced two weeks ago. 
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India is currently developing a supercomputer to forecast monsoon with higher accuracy and it desired to have it up and running by next year, as per sources. The meteorology office is in process to spend $60 million to build the new supercomputer, which will use 3D shape to anticipate how seasonal rains will develop. According to the sources the super computer will be developed by IBM. 

 Farming sector is heavily depended on the monsoon season i.e from June to September. The monsoon accounts for more than two-thirds of the country's annual rainfall and precise prophecy could help farmers to identify the relevant time to scatter their crops. In the year 2015 agriculture accounted for about 18% of India's Gross Domestic Product, as per the World Bank. India's current augur system was first introduced during British colonial rule and is based on statistical model that combines historical patterns with data collected from radar, satellites and observatories.
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The nation's Gross Domestic Product (GDP) growth is expected to be higher at 7.8 % in the current fiscal, whilst it will be 'uneven', brace largely by strong consumption and public expenditure, as per Development Bank of Singapore. For the 2015-16 fiscal, the GDP growth has been fasten at 7.6 %. We expect growth to gain velocity in 2016-17 fiscal, with headline real GDP up at 7.8 %. Though the January-March growth proceeded better than expected on real GDP and Gross Value Added (GVA) basis, it obscure repressed weakness in fixed investments and in non-agricultural growth, the report said.

The economy expanded by 7.6 % in 2015-16, government presume the economy to grow by 7-7.75 % in the current fiscal. Regarding the Reserve Bank of India (RBI) policy pose, the report said that limited reduction in the rate of inflation is expected to narrow the room for further rate cuts.

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India's economy expanded by 7.6% in 2015-16 the fastest growth of the nation along with other developed nations. In the previous quarter the country Gross Domestic Product (GDP) was 7.2% which is increase in the January to March was 7.9%. Good expansion in service industries like finance, trade and real estate continued to drive annual growth. Financial, real estate and professional services recorded 10.3%, manufacturing industry also recorded 9.3% an increase from 5.5% in the previous financial year. Hotels, trade, communication, transport and services related to broadcasting stud at 9% and 'mining and quarrying' at 7.4%.  Farm output expanded by 1.2%, having contracted 0.2% the year before.

The real per capita income also rise 6.2% to INR 77,435. Based on the Reserve Bank of India (RBI) reference exchange rate of INR 67.20 to a dollar as on Tuesday, the country's gross domestic output was valued at $1.69 trillion.
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