NEW DELHI: The economy is estimated to have grown by 7.1 per cent in 2016-17 in line with the earlier projection of the Central Statistics Office.
The data is part of the first revised estimates of national income for 2016-17, which was marked by the sudden decision to demonetise Rs. 500 and Rs. 1,000 notes. The CSO also revised upwards its GDP growth estimate for 2015-16 to 8.2 per cent from the previous 8 per cent.
Economy activity in 2017-18 is expected to have been further impacted by the rollout of GST (Goods and Services Tax), and GDP growth is estimated at 6.7 per cent. The Economic Survey, released recently, projected GDP growth of 7-7.5 per cent next fiscal.