The downturn in India's growth is "very worrying", World Bank's former chief economist Kaushik Basu said, underscoring that this is the "hefty price" the country had to pay for demonetisation.
India's GDP growth dropped to a three-year low of 5.7 per cent during April-June as manufacturing dipped and impact of the demonetisation lingered on in the third quarter.
"The downturn in growth is very worrying. I knew it would go below 6 per cent because the demonetisation was a big negative shock to the economy. But 5.7 per cent growth is lower than I expected," Basu, the former senior vice president and chief economist of the World Bank, told
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