What is the current India’s economic growth forecast for FY 17, as per updated report “Asian Development Outlook 2016” of Asian Development Bank (ADB)?

The Asian Development Bank (ADB) has cut India’s economic growth forecast to 7.0% from 7.4% for the financial year 2016-17 in the updated report of Asian Development Outlook 2016 due to weak investments, a slowdown in the country’s agriculture sector and the lack of available cash due to the government’s decision to ban high-denomination bank notes. Prior to this, the Reserve Bank of India (RBI) cut India’s growth forecast to 7.1% from 7.6% for FY 17 after the government’s decision to ban high denomination bank notes. Beside this, Global rating agency Fitch has downgraded India’s growth forecast to 6.9% from 7.4 % and rating agency Morgan Stanley has also cut the estimates to 7.3% from 7.6% for FY 17.