Business Economy 02 Jun 2017 Niti Aayog sees econ ...

Niti Aayog sees economic turnaround in April-June quarter

REUTERS
Published Jun 2, 2017, 2:08 pm IST
Updated Jun 2, 2017, 2:09 pm IST
Arvind Panagariya's comments on Friday came days after data showed that India's annual economic growth unexpectedly slipped to 6.1 percent.
Niti Aayog Vice-Chairman Arvind Panagariya
 Niti Aayog Vice-Chairman Arvind Panagariya

New Delhi:One of Prime Minister Narendra Modi's top advisers said that the pain caused by the government cash clampdown late last year was over and the economy would see a "good" turnaround in the current quarter.

Niti Aayog Vice-Chairman Arvind Panagariya's comments on Friday came days after data showed that India's annual economic growth unexpectedly slipped to 6.1 percent in the January-March quarter, its lowest in more than two years.

 

The government's shock decision last November to outlaw high value old banknotes took 86 percent of currency out of circulation virtually overnight, pounding consumer demand as most people live in the cash economy.

Panagariya also said it would be "very, very difficult" to privatise state-run Air India, given the carrier's current debt load.

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Location: India, Delhi, New Delhi




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