New Delhi: The government data released on Friday showed that the economy would grow at a slower pace of 7.1 per cent this fiscal, as against 7.6 per cent last year.
Chief statistician T.C.A. Anant said, “It is difficult to talk about the impact of demonetisation at this point of time... at this point the drop (in GDP estimates) is not attributable to any policy change (demonetisation).”
Commenting on the data, economic affairs secretary Shaktikanta Das said, “The economic survey and the Budget will spell our what approach the government will take,” he said, adding tax revenues wold exceed Budget estimates this fiscal.
Accordingly, the 'First Advance Estimates of National Income, 2016-17' did not reflect the impact of demonetisation, and was based on sectoral data for seven months, till October.
India Inc was pinning its hopes on a growth-oriented Budget to unleash investments and set the pace for economic growth of 8 per cent and above in the near future.
CII said, “No doubt, the demonetisation drive is anticipated to result in a downward bias to GDP growth in the next two quarters, but this is likely to be a blip in the growth momentum as demand has only been deferred and will re-emerge once the situation becomes normal.”
CII said that it looks forward to a growth-oriented Budget which would unleash a new wave of investments and set the pace for economic growth of 8 per cent and above.
