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NITI Aayog Member predicts Economic slowdown
By: Tupaki Desk | 22 Dec 2016 6:08 AM GMT
NITI Aayog Member Bibek Debroy predicts the negative impact of demonetisation in Q3 and Q4 of financial year 2016-17. He, however, is hopeful that growth rate in the fiscal 2017-18 would compensate the loss.
The Key Member of Government's Policy Think-Tank says its not possible to estimate the impact of demonetisation as of now because even Government have no clue how much money will come back into the system. He feels the growth rate depends on what Centre does with the additional revenue earned through taxes.
Already, Reserve Bank of India slashed its growth forecast for the ongoing financial year by half a percentage to 7.1 percent to be more realistic.
Mr. Bibek Debroy states Goods & Services Tax which is scheduled to be implemented from April 1st will miss the deadline due to political fallout after note ban. The entire Winter Session of Parliament getting washed away is a worry. If the budget session in February is production, Then GST will come into effect from September 2016.
The Key Member of Government's Policy Think-Tank says its not possible to estimate the impact of demonetisation as of now because even Government have no clue how much money will come back into the system. He feels the growth rate depends on what Centre does with the additional revenue earned through taxes.
Already, Reserve Bank of India slashed its growth forecast for the ongoing financial year by half a percentage to 7.1 percent to be more realistic.
Mr. Bibek Debroy states Goods & Services Tax which is scheduled to be implemented from April 1st will miss the deadline due to political fallout after note ban. The entire Winter Session of Parliament getting washed away is a worry. If the budget session in February is production, Then GST will come into effect from September 2016.
