Don't blame it on demonetisation

Economic Survey makes no mention of demonetisation impact in downgrading its forecast for 2017-18

T T Ram Mohan 

T T Ram Mohan India’s economic growth is faltering. Part-II of the Economic Survey, just released, thinks that growth in 2017-18 is likely to be closer to the lower end of its projection of 6.75-7.5 per cent than to the higher end.  Many commentators have a ready explanation for the worsening outlook: The disruption caused by the demonetisation of the rupee last November. They are wrong. There was little deceleration on account of demonetisation in 2016-17 and there is likely to be even less in 2017-18.  Former prime minister Manmohan Singh had said in Parliament that he ...

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