Impact of demonetisation still present in Indian economy: Gurucharan Das

Expressing his views on the GDP figures that were released yesterday, Economist Gurucharan Das claimed that 'notebandi' has left an impact on the economy and growth rate.

"An analysis of results from the previous four quarters shows that our economy was growing at more than eight percent per annum. Current rate is seven percent, therefore, the economy has been affected by demonetisation," Das told ANI.

"The real impact of demonetisation can be ascertained only when the results from the next quarter are released," added Das.

The Central Statistics Office (CSO) revealed the growth forecast for the fiscal year ending in March 2017 to be 7.1 percent. Additionally, an estimate of 7.2 percent has been predicted for the upcoming quarter.

Speaking on the growth of agriculture, Das said that the improvement in monsoon over the past two years has facilitated an increase in cultivation. "Rabi crop cultivation has seen a six percent growth according to Q3 results," he added.

Over the past few months, relentless debates have been going on regarding the new laws to be implemented with regards to sanctioning an H-1B visa to work in the United States. Responding to this, Das revealed that the new legislations will lead to foreign employees returning to their home countries.

"India has now reached a stage where it is capable to produce all that is being done in the States. Therefore, Indians working abroad may look to come back to India," said Das.