#GDP #India #Investment #finance #economy
If you believe the government’s statisticians, who said on Tuesday that India’s GDP grew at 7 percent in the very quarter that the government withdrew high-value currency notes from circulation.
Many of the independent economists forecast-ed that the GDP growth will come between 6 to 7 percent after the withdrawal of around 86 percent of the country’s currency and the reduction in the usage of bank accounts. However, according to the government’s numbers, taking away most of the India’s cash, made the private consumption rose by 10.1 percent over the quarter.
In fact, after three-quarters of accelerating decline by 1.9 percent, 3.1 percent and then 5.6 percent respectively, Investment shot up by 3.5 percent. This was when banks were stocking ATMs instead of handing out loans.
LiveSid 