Thanks to Prime Minister Narendra Modi’s demonetization scheme, India had to lose the title of ‘fastest growing country in the world’ which might have serious effect on the country. Many BJP ministers boast about keeping India as the fastest growing country in the world but they cannot do it anymore.
The International Monetary Fund estimates that India lost the mantle of the fastest-growing large economy last year. Thanks to Prime Minister Narendra Modi’s demonetization scheme India lost its title as the fastest growing country in the world. By canceling nearly 90% of cash in circulation cost India that title.
According to Financial Express, India continued to rank low in the Human Development Index (HDI), climbing just one notch to the 130th rank in the latest UNDP report on account of rise in life expectancy and per capita income.
RANK OF SRI LANKA #73:-
RANK OF INDIA #131:-
International newspaper Wall Street Journal Also Said that India is no longer in the fastest growing economy.
India’s growth slowed to 6.6% last year from 7.6% in 2015 and the China’s economy grew by 6.7% in 2016. The IMF said that this dip in percentage is primarily because of demonetization scheme introduced in November. This downgrade reflected deep uncertainty on India’s economic health since November 8th, the day Modi shocked the world by declaring all of the country’s high-denomination bank notes null and void for transactions.
India’s Central Statistics Office said that the growth for the financial year didn’t reach as they expected but the projection was calculated using last year’s economic data in October.