7.0%
The World Bank has recently decelerated India’s growth for fiscal FY 17 (2016-17 ) to 7.0% from its previous estimate of 7.6% due to demonetization, in its latest report. As per the report, an immediate withdrawal of a large volume of currency in circulation and subsequent replacement with new notes in November 2016 contributed to slowing growth. Further, the report stated that India would regain momentum in the subsequent years with 7.6 and 7.8% growth and various reform initiatives are expected to unlock domestic supply bottlenecks and raise productivity.