MANJUNATHThe demonetisation policy is not expected to have a long-term impact on domestic demand in India, which is projected to clock a 7.9 per cent growth in fiscal 2018, a senior United Nations economic official has said. The official was responding to a question by PTI on a UN report released on Tuesday which revised downward India’s economic growth forecast for 2017 but predicted an increased 7.9 per cent GDP growth next year. “It is sort of a transitory effect on the economy as a whole. So [India] still remains one of the fastest growing countries in the world,” the official added. The January report had not taken into consideration the impact of the demonetisation policy on India’s economic growth.

Source: The Hindu May 17, 2017 08:03 UTC