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4. 3 INDIA
2017/05/28
Reported by Rakesh Kumar, Managing Editor, ISHRAE Journal
 
Economic Scenario
 
The Indian economy is recovering from the short-term cash shortage, shrinkage in economic activity and reduced employment caused by the government’s decision, announced suddenly on November 8, 2016, to demonetize high-value currency notes of INR 1,000 (US$ 15.5) and INR 500 (US$ 7.7).
 
The gross domestic product (GDP) growth during financial year April 2016 to March 2017 is estimated at 6.6%, down from a healthy 7.3% in the previous year. During 2017-2018, a recovery in GDP growth to 7.2% is expected, backed by consumption demand and government spending.
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