Insta
DeMo was no demon, at least for the economy, say latest figures
Data released by Central Statistical Organisation (CSO) on Thursday (January 31) showed that Gross Domestic Product (GDP) of the Indian economy expanded at 7.2 per cent in 2017-18 and recorded an impressive 8.2 per cent acceleration in 2016-17. At 8.2 per cent growth, the year of demonetisation has now emerged as the fastest growing fiscal since 2010-11. The GDP growth rate for the year 2015-16 has been revised downwards to 8 per cent from earlier 8.2 per cent.
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2017-18, along with Second Revised Estimates for the financial year 2016-17 and Third Revised Estimates for the financial year 2015-16 (with Base Year 2011-12) as per the revision policy.
The following are the revised estimates provided by CSO.
The CSO provided the following reasons for revision in GVA/GDP for the three years
Year 2015-16
Year 2016-17
SBI Group chief economic adviser, Soumya Kanti Ghosh, suggested that demonetisation probably resulted in cash being used for consumption.
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