Compare to second quarter, Indian economy down by .3 per cent GDP in Third Quarter of the financial year 2016-17, as Third quarter witnessed 7 % GDP growth. It is minor slack and the impact is turned out of note ban announced on 8th of November 2016 by PM Modi.
RBI and other agencies like OECD and IMF estimated India’s GDP projections at lower side citing short-term impact of note ban on the Indian economy has to happen. Growth will certainly affect as investment of the private sector continues to be extremely slow.
Financial Institutes are extremely stressed with rising non-working assets to make advances to industry. The continuing cash crunch has impacted informal sector which makes for 45% of GDP and 80% of employ.