Tahlka News Bureau
Currency ban swallowed the economic growth of the country. The country's pace has disappeared in the last quarter of the ban. In just a stroke, the tag of the world's fastest running economy was snatched away from the country. In terms of growth China has outgrowed 6.1 percent growth of India during the period, giving a growth of 6.9 percent during January-March 2017.
According to the GDP data of Central Government, on November 8, 2016, the decision of the note-ban has trashed the growth rate of the last quarter (January- March 2017) of that financial year. Where the government expected this growth rate of GDP to be 7 percent in this financial year, but this doesn't go as it hoped. The country has once again fallen in the category of countries with moderate or slow GDP growth.
Significantly, the Chinese Government's GDP data for January-March 2017 showing a growth of 6.9 percent. This is a big challenge for India because these figures are a clear indication that China is once again going to enter the list of fast moving economy. Both China and India have carried out major economic reforms over the past few years, due to which the two economies are facing major challenges.
According to GDP figures, the note-ban has once again to the economic growth of December 2014 when GDP growth was just 6.0 percent.