GDP growth slows; India loses fastest growing economy tag

New Delhi: India's economic growth slowed to 7.1 per cent in 2016-17, the year in which 87 per cent of the currency was demonetised, despite a very good showing by the agricultural sector. The Gross Domestic Product (GDP) was 6.1 per in the January-March quarter, the immediate three months after the demonetisation was announced on November 9, 2016. The GDP, as per the new series with base year of 2011-12, had expanded by 8 per cent in 2015-16. It was 7.9 per cent as based on the old series. With this, India has lost the tag of the fastest growing economy.

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