After going through rough phases of government’s surprise decision of scrapping high value banknotes of Rs 500 and Rs 1000, in a crackdown on black money, the country has started recovering and the industry body Confederation of Indian Industry (CII) has said that the impact of demonetisation was almost over and the market has started to revive with modest growth in March.
CII president Naushad Forbes has said that recovery from demonetisation is almost over. The country is pretty well back and industry players have also reported about the modest growth in March. He noted that though the impact of demonetisation was significant in November, and consumption fell by as much as 30 per cent, in December, it was down by 10-15 per cent, while during January, it was more or less the same as that of the same period last year.
Forbes further said that the country is at a very good point of economy and is projected to be one of the 10 best economies in the next 25 years. The consumption is very high. It is 60 per cent of our GDP growth. Because of this, the economic growth is resilient. He also suggested that the India Inc should look at life beyond demonetisation and work for the projected economic growth of 9-10 per cent for the next 20-25 years.