As 2017 begins, India is in something of a transition, no longer the world’s fastest-growing economy according to the International Monetary Fund (IMF) and in the midst of a self-imposed cash crisis.
The country fell behind China in its estimated growth last year, by the tightest of margins, with growth of 6.6% in 2016 compared to the 6.7% achieved by its northern neighbour, respectively. That’s according to the IMF’s latest World Economic Outlook (WEO) report update, which also sees the organisation throttle back its forecasts for India in the current fiscal year by one percentage point.
At the time of writing, India’s Finance Minister Arun Jaitley has confirmed plans to borrow more than originally planned in his 1st February budget, as he evaluates options to revive the prior health of Asia’s third-largest economy after the government’s November decision to abolish high-value (Rupee) banknotes.
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