CSO pegs growth at 7.1%, skirts note ban impact

Advance Estimates peg GDP growth at 7.1%; forecast based on datasets mostly up to Oct

The Central Statistics Office (CSO) projected India’s economic growth at an optimistic 7.1 per cent in 2016-17, lower than 7.6 per cent in the previous financial year.

Economists expect a significant downward revision in the number once data for the months after November is made available. However, the finance ministry said the estimates are based on ‘real statistics’ and not ‘anecdotal evidence’.

The forecast does not take into account the full impact of demonetisation, with projections based on some datasets up to October. The government will release the revised second Advance Estimates for 2016-17 and the quarter ended