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FICCI comments on GDP data

BSN Network
Date: 01/03/2017

MUMBAI, 28 February 2017: “With the second advance estimate for 2016-17 at 7.1%, the data belies the widespread expectation of sub 7.0% growth this fiscal year. The process of remonetisation is complete and we see the economy getting back on track. The consumption activity is gradually picking up and according to FICCI’s latest surveys the effect of demonetization is expected to wane off by June 2017”, said Dr Didar Singh, Secretary General, FICCI.

“Growth is expected to recover in the next financial year. The direction indicated in the Union Budget announced earlier this month is encouraging and will further strengthen the domestic economy. It is extremely critical to push the domestic capex cycle which has been persistently weak. We are hopeful that going ahead the planned increase in public expenditure, will crowd in private investments”, added Dr. Singh.

“We also look forward to a further reduction in lending rates by the banks. This will help boost consumption and prop-up investments through low-cost finance”, said Dr. Singh

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