Note ban impact News
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With the GDP growing by 7 percent in the third quarter, India Inc said the economy is getting back on track yet reforms are needed to revive investments and push demand hit by note ban.
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The Central Statistics Office is due to unveil on Tuesday the revised advance estimate for GDP growth for 2016-17 after factoring in the note ban impact in the December quarter.
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The Reserve Bank is expected to extend the deadline for asset quality review (AQR) of lenders by a few months because of the unusual situation in the financial sector following demonetisation, bankers said.
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Monthly automobile sales growth rate in India slipped to a 16-year-low in December with total vehicle sales declining by 18.66 percent as demonetisation hits the industry hard.
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Domestic passenger vehicle sales declined by 1.36 percent to 2,27,824 units in December 2016, from 2,30,959 units in the same month a year ago.
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While Toyota, Tata, Nissan and Renault saw positive growth, Ford, Maruti, Hyundai and Mahindra faced a slowdown.
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Passenger vehicle (PV) sales in India is likely to grow in the range of 7-9 per cent next year on the back of low fuel prices and an accommodative monetary policy stance by the Reserve Bank of India, according to global rating firm Fitch.
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The government and the Reserve Bank of India have taken a slew of measures to ease the pain of cash crunch. They are detailed below in chronological order.
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The amounts can be withdrawn only if the date of marriage is on or before December 30, 2016.
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