Easing concerns of economic slowdown due to Note ban, Union Power Minister Piyush Goyal has said that India is the fastest growing major economy and it will remain the same in the coming years.
The Central Statistics Office (CSO), in its advance estimates released earlier this month, has pegged country’s GDP growth at a slower pace of 7.1 per cent in current fiscal as compared to 7.6 per cent in 2015-16, mainly due to slump in manufacturing, mining and construction sectors.
Economists and experts have been constantly talking about the adverse impact of demonetisation on country’s economic growth in near term including in the current fiscal. Several economists have projected that in the near term country’s growth will slow down as economic activity has taken a hit due to demonetisation. The former Prime Minister Manmohan Singh too has estimated GDP growth to fall by 2 percentage points.