Live
- Naxal menace has come to stay
- Preeti Tupsakhare Provides Expert Guidance on Integrating Genomic Data into Clinical Workflows, Bridging the Gap Between Genetics and Healthcare IT
- NLC INDIA Limited contributes Rs.1 crore to Kerala disaster mitigation fund
- World Children’s Day 2024: 20 November
- AR Rahman surprises fans with a divorce hashtag
- Keerthy Suresh to get engaged soon!
- CM A. Revanth Reddy Performs Special Rituals In Vemulawada
- Revanth Reddy Criticizes Bandi Sanjay and KCR Over Lack of Development in Karimnagar
- Major Scam Uncovered in Cyberabad; 3,600 Victims
- President Droupadi Murmu to Visit Telangana Tomorrow
Noteban effect RBI must cut rates: India Inc
The government’s note ban move clearly had a debilitating impact on the domestic economy, feels India Inc. After GDP data showed growth declined to 6.1 per cent in the January-March quarter, India lost the tag of the world’s fastest growing major economy to China with a gross domestic product growth of 6.1 per cent in the fourth quarter. For the full 2016-17 fiscal, GDP growth stood at a three-yea
New Delhi : The government’s note ban move clearly had a debilitating impact on the domestic economy, feels India Inc. After GDP data showed growth declined to 6.1 per cent in the January-March quarter, India lost the tag of the world’s fastest growing major economy to China with a gross domestic product growth of 6.1 per cent in the fourth quarter. For the full 2016-17 fiscal, GDP growth stood at a three-year low of 7.1 per cent.
“For the sake of jobs, we need to get our act together and get the growth momentum in place. There is a call on the RBI to reduce the interest rates and boost confidence. One only hopes that the impact of demonetisation has played out and does not spill into the current financial year,” Assocham President Sandeep Jajodia said.
Ficci President Pankaj Patel said the fourth quarter numbers point towards moderation which can be attributed to the ban of high denomination currency notes last year. However, he said the process of remonetisation is almost complete and growth impulse is gradually gaining momentum. Patel said India’s economic growth is expected to gather pace in the later part of the current year.
