Noted American economist Steve H Hanke has said that India’s economic growth for 2016-17 is appearing ‘solid’ because the GDP figures did not take into account adverse impact of demonetisation on informal economy.
“India's growth is only solid b/c it ignores the adverse effect of #demonetization on the massive informal economy,” Hanke, an American applied economist at the Johns Hopkins University in Baltimore, Maryland, said in a tweet. The Indian Government had last month pegged GDP growth at a higher-than-expected 7.1 per cent for the current fiscal despite note ban.