A Bank Employee counting the bundles of the received currency of old 1000 & 500 notes at cash counter at a Punjab National Bank branch in Chennai on Wednesday. (PTI Photo, Representational) A Bank Employee counting the bundles of the received currency of old 1000 & 500 notes at cash counter at a Punjab National Bank branch in Chennai on Wednesday. (PTI Photo, Representational)Rating agencies and analysts have started downgrading India’s growth outlook as consumption and cash-based transactions are being severely hit across the country in the wake of the withdrawal of Rs 500 and Rs 1,000 notes. GVA 7.6 and GDP 7.8 per cent) as per initial estimate, overall GDP growth would be affected by 0.3-0.5 per cent. This projection, however, is conservative as many brokerages have already projected even a 50 per cent dip in GDP growth, with Ambit Capital being the steepest at 3.6 per cent.

Source: Indian Express November 21, 2016 12:29 UTC