Long term economic disappointment possible for India

The IMF has cut the GDP growth forecast of India for the current fiscal year to 6.6 percent from its previous estimate of 7.6 percent citing the “temporary negative consumption shock” of demonetisation announced by Prime Minister Narendra Modi on 8 November.

India had been projected to grow about 7.0-7.5% each year through 2018. However, India could easily remain at 6% GDP growth.

Without stronger growth then over 20-30 years, India would be about the level of Indonesia but with a larger population.

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