Modi government delivered highest growth rate during the demonetisation year: CSO data

The CSO has revised the growth figure for 2016-17, the year in which 87% of the circulated currency in form of Rs 500 and Rs 1,000 notes was demonetised, from an earlier 7.1% estimates.

Published: 31st January 2019 11:56 PM  |   Last Updated: 31st January 2019 11:56 PM   |  A+A-

PM Modi

Prime Minister Narendra Modi. (Photo | PTI)


NEW DELHI: Belying perception that note ban hit the economy hard, the government data released Thursday revealed the highest growth rate during the Modi-government was recorded at 8.2 per cent in 2016-17 financial year.

The Central Statistics Office (CSO) has revised the growth figure for 2016-17 -- the year in which 87 per cent of the circulated currency in form of Rs 500 and Rs 1,000 notes was demonetised -- from an earlier estimate of 7.1 per cent.

"Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stands at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing a growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17," the CSO said in its First Advance Estimates of National Income at Constant (2011-12) for 2017-18.

As per the CSO, the GDP growth was 7.4 per cent in 2014-15 and 8 per cent in 2015-16. The CSO has estimated the Indian economy to expand at the rate of 8.2 per cent in the fiscal ending March 2019.

The Narendra Modi-led government assumed office in May 2014. On November 8, 2016, Prime Minister Modi in a televised address to the nation had announced demonetisation of the old high-value currency value notes.

Following the announcement, several critics and also several government functionaries had expressed apprehension that the move would temporarily hurt the country's economic growth.

The CSO Thursday released the first revised estimates of GDP for 2017-18 along with second revised estimates for 2016-17 and third revised estimates for 2015-16.

Earlier estimates for 2011-12 to 2016-17 were released in January, 2018 and provisional estimates of 2017-18 were released in May.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp