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'Q3 Growth Negates Negative Speculations About Note Ban Impact'

Elated at the GDP numbers, Finance Ministry today said the 7 per cent growth in the third quarter has negated the negative projections and speculations about the impact of demonetisation on growth.

Press Trust Of India

Updated:February 28, 2017, 11:33 PM IST
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'Q3 Growth Negates Negative Speculations About Note Ban Impact'
File photo of Economic Affairs Secretary Shaktikanta Das addressing a press conference. (PTI)
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New Delhi: Elated at the GDP numbers, Finance Ministry on Tuesday said the 7 per cent growth in the third quarter has negated the negative projections and speculations about the impact of demonetisation on growth.

Economic Affairs Secretary Shaktikanta Das said the third quarter and the 7.1 per cent growth projected for full fiscal are "definitely something noteworthy".

"We had said that most of the reports were anecdotal, not based on statistics. There were reports that manufacturing activities in many sectors were affected due to demonetisation but as we see from the numbers manufacturing growth at very 8.3 per cent is very satisfying number and promising number," Das told reporters in New Delhi.

The process of remonetisation has progressed well and was completed today, he said, adding there is no complaint of cash shortage from banks. Some complaints of shortage are coming from ATMs, that is being handled by RBI, Department of Financial Services and individual banks by providing notes, he said.

"The overestimation that was done about the so called negative impact of demonetisation it is very satisfying to know that it is not there. Because we still remain 7 per cent plus growth country ... "The third quarter GDP numbers are out and as you have seen the numbers completely negate the kind of negative projections and speculations made about the impact of demonetisation," Das said.

He said the impact of demonetisation, coupled with GST and the series of reforms which the government has undertaken looks very promising.

"The real estate sector has apparently not done so well. Its not a satisfactory number, we have to remember that the sector itself is going under a major structural reform. Going forward we should see improvements in the sector," Das said.

He said the impact of demonetisation was temporary and was limited to consumption.

Asked about demonetisation impacting the economy in the final quarter, Das said, "I think it would be totally a speculation to expect a decline in the Q4. We will not speculate, we will go by whatever statistics provided to us."

Whatever was the impact of demonetisation, he said, it was temporary and was limited to consumption only.

"All that I want to say is that the overestimation that was done about the so called negative impact of demonetisation it is very satisfying to know that it is not there. Because we still remain 7 per cent plus growth country," he said.

On the remonetisation, Das said, the process is near complete.

"There is no complaint from banks. Some complaints of shortage are coming from ATMs that is being handled by RBI, Department of financial services and individual banks by providing notes," he said.

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