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"I am sorry to make the prediction that 2016-17 will end with growth (rate) between 6 and 6.5 per cent, a good one per cent down from the earlier estimate and that means a hit of Rs 1.5 lakh crore on GDP. The GDP this year is Rs 150 lakh crore, so one per cent hit is Rs 1.5 lakh crore," Chidambaram said at a function here today.

Demonetisation 'biggest scam of 2016': Chidambaram

With good monsoons and 7th Pay Commission bounty, analysts expect rural India to do well. However, Prime Minister Narendra Modi's demonetisation programme that started on November 9, 2016 has put a spanner in his works.&nbsp;

Can Modi's Budget 2017 pave the road to double farm income? 

Analysts added, "We model 5% yoy volume decline in cigarettes and 1% yoy growth in FMCG business; among&nbsp;other businesses, we model -15%, 5% and -7% growth in hotels, agri-business and paper&nbsp;boards&nbsp;respectively."

ITC Q3 today: Demonetisation, cigarette sales key triggers

The survey also said that 89%&nbsp;of the citizens want the government expenditure on healthcare should increase to bring it at par with international standards, with 40%&nbsp;saying that the investment should be used for improving infrastructure at existing government hospitals.

49% want taxes reduced to minimise demonetisation impact: Survey

Saranga Ranasinghe a Moody's Assitant Vice President and analysts said, “The downgrades reflects our expectation that the operating environment for the Indian real estate sector will continue to remain weak post the demonetisation exercise that tool place in November 2016. Weak operating conditions will continue to pressure LDPL's sales performance over the next 12-18 months.”

Moody's downgrade Lodha Developers rating to B2

The RBI has not been fothcoming with information about currency situation in the country and its preparedness in the wake of demonetisation citing one exemption or the other.

Cannot disclose preparedness to handle demonetisation crisis: RBI 

"It was huge in both businesses (passenger and commercial vehicles) but not only on us but had huge impact on industry as well," Tata Motors Chief Executive Officer and Managing Director Guenter Butschek told PTI when asked about the impact of demonetisation.

Recovery on after initial demonetisation impact: Tata Motors

"We witnessed double-digit growth in our profitability during the nine-month period for the fiscal year 2016-17 as compared to the same period of the previous year. In line with our expansion plans, we added 11 new branches which will support us in the next phase of growth. We continue to focus on expansion in tier II and III cities," said Sanjaya Gupta, Managing Director, PNB Housing Finance.

PNB Housing Q3 Net up 53% at Rs 138 crore; to raise Rs 6,000 crore

CRISIL explained, “Government can support investment directly by spending more on infrastructure, particularly roads and affordable housing."

Budget 2017: Private investment must be revived to boost economy

RBI Deputy General Manager P. Wilson said in a written submission that the `selling price` is Rs 3,090 per thousand pieces of Rs 500 denomination new currency notes, or Rs 3.09 per note for the current year, 2016-2017.

Government spends Rs 3.09 per Rs 500 currency note: RTI

"We are working on a mechanism to bring down transaction costs," one member of the public accounts committee quoted Patel as saying. "We are speaking to all stakeholders."&nbsp;

RBI working on plan to reduce online charges - sources

Reserve Bank of India Governor Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.

Talks with govt on demonetisation began early last year: Patel

In view of the increased differential of 100 basis points (bps) between base rate and the Marginal Cost of Funds based Lending Rate, the credit rating agency said, it "expects a number of borrowers to switch from base rate to MCLR".

ICRA expects borrowers to switch from base rate to MCLR

"Niti Aayog will soon rank states on the basis of digital transactions. Aayog has asked the states to submit their digital transaction data within next 10 days," a senior government official said.

Niti Aayog to rank states on digital metrics, seeks data

People can now withdraw from ATMs up to Rs 10,000 per day from their earlier limit of just Rs 4500 per day. While limit on withdrawal from current accounts have been enhanced to Rs 1,00,000 per week from Rs 50,000 per week. This also extends to overdraft and cash credit accounts too.&nbsp;

RBI hikes ATM cash withdrawal limit to Rs 10,000 per day

It said in a release, "There has been a report in sections of the Press that some unions have alleged infringement of the autonomy of the Reserve Bank of India.&nbsp;&nbsp;It is categorically stated that the Government fully respects the independence and autonomy of the Reserve Bank of India."

Government fully respects independence and autonomy of RBI: Finance Ministry

The whole controversy started with Modi`s picture spinning the charkha donning the cover page of the Khadi Village Industries Commission (KVIC) calendar and diary, instead of the iconic picture of Gandhi weaving khadi on a simple charkha, wearing his trademark loin cloth.

Gandhi will gradually be removed from currency notes

"We have suggested to the SBI management to down the branch shutters till the supply of cash gets normalised. It is better to close down the branches for some time than the staff face the ire of the public for no fault of theirs," D. Thomas Franco Rajendra Dev, Senior Vice President of the All India Bank Officers Confederation (AIBOC), told IANS.

Shut down SBI branches till cash flow improves, says trade union

Dan Martin, Senior Analysts of Fitch Ratings said, “The impact on the economy will increase the longer the disruption continues, but Fitch has already revised India's GDP growth forecast for FY17 to 6.9% from 7.4%.”

 Demonetisation: Short term pain may outweigh Indian economy's long term gains

"Even if the demonetisation created a slowdown, it is not going to change the long-term momentum of where India is going with its economic growth," said Dean Kishore Mahbubani of the Lee Kuan Yew School of Public Policy at the National University of Singapore.

Despite demonetisation, India to grow faster than China

demonetisation-bank-notes

"I am sorry to make the prediction that 2016-17 will end with growth (rate) between 6 and 6.5 per cent, a good one per cent down from the earlier estimate and that means a hit of Rs 1.5 lakh crore on GDP. The GDP this year is Rs 150 lakh crore, so one per cent hit is Rs 1.5 lakh crore," Chidambaram said at a function here today.

With good monsoons and 7th Pay Commission bounty, analysts expect rural India to do well. However, Prime Minister Narendra Modi's demonetisation programme that started on November 9, 2016 has put a spanner in his works. 

Analysts added, "We model 5% yoy volume decline in cigarettes and 1% yoy growth in FMCG business; among other businesses, we model -15%, 5% and -7% growth in hotels, agri-business and paper boards respectively."

The survey also said that 89% of the citizens want the government expenditure on healthcare should increase to bring it at par with international standards, with 40% saying that the investment should be used for improving infrastructure at existing government hospitals.

Saranga Ranasinghe a Moody's Assitant Vice President and analysts said, “The downgrades reflects our expectation that the operating environment for the Indian real estate sector will continue to remain weak post the demonetisation exercise that tool place in November 2016. Weak operating conditions will continue to pressure LDPL's sales performance over the next 12-18 months.”

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Demonetisation Bank Notes

Demonetisation 'biggest scam of 2016': Chidambaram

Can Modi's Budget 2017 pave the road to double farm income?

ITC Q3 today: Demonetisation, cigarette sales key triggers

49% want taxes reduced to minimise demonetisation impact: Survey

Moody's downgrade Lodha Developers rating to B2

Cannot disclose preparedness to handle demonetisation crisis: RBI

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