Indian economy will take Rs 4.7 lakh cr hit on demonetisation: Amit Mitra

Calling demonetisation “a big magnum-sized tsunami”, West Bengal Finance Minister Amit Mitra said India’s gross domestic product (GDP) in the current fiscal (2016-17) will take a huge hit on account of demonestisation.

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“In the best case scenario, the GDP for the current fiscal could go down to 5.5 per cent from the 7.5 per cent it had touched in 2015-16,” Mitra

“From an estimate that I have, the growth rate in aggregate will fall over 3 per cent and arrive at 4.3 per cent,” he said.

“This means a loss of Rs 4.7 lakh crore of GDP, this will be extinguished. This is in the worst case scenario…the best case scenario is loss of Rs 3 lakh crore,” Mitra added.