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Q3FY17 GDP might be resilient but demonetisation had an impact on GVA

Gross Value Added is defined as the value of output less the value of intermediate consumption

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A man displays 500 Indian rupee notes during a rally organised by India's main opposition Congress party against the government's decision to withdraw 500 and 1000 Indian rupee banknotes from circulation, in Ajmer (Photo: Reuters)

Subhomoy Bhattacharjee

Last Updated : Feb 28 2017 | 7:11 PM IST

The one number to read from the second advance estimates of national income for the year 2016-17 was how much of a sucker punch has been demonetisation for the Indian economy.

At 6.6% the estimate of Gross Value Added (GVA) at basic prices for the October-December quarter has pushed down India’s GVA for the year to 6.7%. Gross Value Added is defined as the value of output less the value of intermediate consumption. The data was released by the ministry of statistics and programme implementation on Tuesday. This is far better than what was anticipated as the table shows and

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