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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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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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According to the reports by New World Wealth, India has been ranked seventh in the list of top 10 wealthiest countries in the world. With total individual wealth of $ 5,200 billion, India is largely owing to its large population. Adding that on a per capita basis, the average Indian is 'quite poor'. India only makes the W10 due to its large population. Over the past 15 years the country grew 'strongly' and china was the fastest growing W10 country from past 2000-2015. Australia and India also grew strongly as per reports. 

India has overtaken Italy this past year, Canada and Australia are expected to overtake Italy in the next coming years. Australia's ranking is stirring considered it has only 22 million people living.

List Of Top 10 Countries with total individual wealth:

1- United States $48,700 billion
2- China $17,300 billion
3- Japan $15,200 billion 
4- Germany $9,400 billion 
5- United Kingdom $9,200 billion
6- France $7,600 billion 
7- India $ 5,200 billion
8- Italy $5,000 billion
9- Canada 9th, $4,800 billion 
10-Australia $4,500 billion

Note:
  • 'Total individual wealth' refers to the private wealth held by all individuals in each nation.
  • The report defines 'wealth' as the net assets of an individual, which includes all their assets (cash, property, business interests, equity) less any liabilities. The report excludes government funds from its figures.
© Taaza Vaartha
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Deutsche Bank sees India's gross domestic product growth at 7.8 % in 2017, up from this year's 7.5 % noting that the economy seems to have bottomed out. Michael Spencer (German bank's chief economist-Asia Pacific) said we see the economy that looks like it has bottomed out some gauge have been improving in the last 18 months may be it has reached the bottom. But for this year the growth is flattish forecast at 7.5% which is same as last year. India's economic challenges include the building of judicial and legal systems, especially to reconcile commercial disputes for businesses.

India is the world's fastest growing economy, ahead of China's 6.7 % forecast for 2016 and 2017 as reduced from 6.9 % in 2015, as per the data of Deutsche Bank. The bank glimpse world economy stem at 3.6 % in 2017 as it was 3.1 % in 2015 and 3.0 % current year.
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India's business environment has become better but need more improvement in the areas of land acquisition, procurement process and dispute resolution to acheive its global standing, says a report.  According to a World Economic Forum-PwC report, institutional, business and sectoral reforms are needed to increase private sector collaboration in India's smart city initiatives. Neel Ratan (Leader, Government and Public Sector, PwC India) said state governments, local government and newly constituted special-purpose vehicles will need to drive the reforms agenda forward by ensuring the permitting process is simplified and risk-sharing in public-private partnership is optimal, The report noted that with the inception of the ambitious smart city programme, private sector will play a pivotal role in the execution of the urban development projects in India.


Urbanisation in India will accelerate as population in urban areas is set to reach 814 million by 2050, and the country needs to develop world class cities to compete at a global scale presently government has planned for smart cities to initiate world class cities . Cities in India planed to embed technology in the delivery of  urban infrastructure and services, they also needs plan to bridge the demand-supply gap in the provision of core urban services such as water, waste management and sanitation, said Alice Charles (Community Lead, Infrastructure and Urban Development Industry, World Economic Forum).
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CM Chandra Babu said Andhra Pradesh has achieved a growth rate of 10.5% in the GSDP in the current fiscal year despite severe constraints. He told district Collectors to focus on inclusive growth to achieve a 15% target in 2016-17. Inclusive growth is very important and per-capita income should also increase, economic inequalities have to be reduced and long-term sustainability is vital. Your focus should be on this, Chief Minister said while addressing the inaugural session of the two-day conference of district Collectors in the city. Andhra Pradesh State had started off with a revenue deficit of about INR 16,000 crore while bifurcation of the state in 2014. This posed an enormous challenge for us but still we could achieve a growth rate of 8.39% in 2014-15 and increase it to 10.5% in 2015-16. For the next year, our target is a 15% growth in the GSDP," he said. The agriculture sector registered a growth of 8.40% in the current fiscal while the industry grew at 11.13% and services at 11.39%.
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Andhra Pradesh Chief Minister N Chandrababu Naidu on Monday said the state has achieved 11.77% growth rate in the first half of this fiscal against the target of 10.62%.
"Andhra Pradesh has surpassed by 4% the national growth rate of 7.2% by achieving a growth rate of 11.77% in the first half (H1 - April to September) of this fiscal," Naidu said after inaugurating the two-day long District Collectors conference here.
He said particularly the agricultural allied sector - fisheries and animal husbandry has achieved growth rate of 47.10% followed by service sector 8.05% and industry 6.25%.
Chandra Babu however, said that primary agriculture could not achieve the expected growth due the drought conditions in the state.
The Chief Minister asked the district collectors "to give top priority to agriculture which is the major source of occupation for about 65% of the state population".
He said elimination of poverty and sustainable growth of the state is possible only by achieving good progress in agriculture (sector).
Naidu directed the collectors to utilise funds from Mahatma Gandhi National Employment Guarantee Act (MGNREGA) and other schemes for water harvesting.
He further said that equilibrium should be maintained in both welfare and development works.
The Chief Minister also asked the collectors to prepare action plans for their concerned districts to achieve better growth rate and monitor regularly each and every scheme implemented by the state government. 

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